Malta: What Are The Opportunities And Risks Of Blockchain In Finance?

Last Updated: 14 August 2018
Article by Finance Malta

FinanceMalta and Blockchain Malta have joined forces to promote 'BlockFinance', a new series devoted to helping all financial practitioners better understand the opportunities and risks of distributed ledger technology and cryptocurrency.

The birth of the Blockchain Island strategy has given way to the hard work of developing the laws, rules and regulations of this technology. While the MFSA assiduously crafts the framework for the financial sector in cryptocurrency and DLT, the need for understanding the risks and opportunities has never been more acute. With that in mind FinanceMalta and Blockchain Malta have combined efforts to bring a new series of events to help all practitioners in the financial centre with individual sectoral briefings. The series kicked off at the Corinthia Palace Hotel in Attard on July 31st where the ballroom was packed to capacity for the breakfast/morning briefing session with over 120 practitioners registered.

In order to encourage an open dialogue among practitioners, the BlockFinance sessions take place under Chatham House Rule which helped fuel a lively debate for the sellout opening event. The discussion was led by Junior Minister Silvio Schembri who outlined a great array of opportunities and threats facing Malta as well as the financial sector.

Equally, thanks are due to Mamo TCV who sponsored the opening event with their fintech counsel Roberta Peresso involved in the excellent panel session alongside the Minister, and Chris Buttigieg from MFSA who brought the audience up to date with the rapidly-evolving nature of the regulatory developments fleshing out the DLT laws through the MFSA regulations which are being assiduously developed with the aim of being ready before winter.

Given the simply breathtaking pace of DLT adoption by Parliament and regulators, the BlockFinance series will discuss four specific sectors before Christmas in similar morning briefings at the Corinthia Palace Hotel.

On the 18th September, the seminar briefing will be devoted to asset management. Discussion will centre around key topics in the business of fund management from custody, through auditing and accounting, as well as the regulatory issues pertaining not just to the Maltese financial centre but also how the DLT framework interacts with the likes of UCITS guidelines et al. Indeed, the question even arises, will new forms of fund emerge in the future given the impact of smart contracts

The 11th October will see the third event in the series at the Corinthia Palace Hotel focusing on how the banking sector can approach distributed ledger technology. This session is sponsored by Camilleri Preziosi Advocates. Far from the headline-grabbing cryptocurrencies, this session will focus purely on how banks are looking to both avoid the risks of deploying new technology such as blockchain, and how this can manage risks to the banking sector as well as delivering opportunities in existing and new areas for banks. At the opening event of the series in July, Ivo Camilleri, Head of Electronic Banking at BOV already showcased some of the key issues pertaining to technology implementation and innovation in legacy banks.

In November, BlockFinance will look at the Insurance and Pensions sector. At the opening session on July 31st, Ian-Edward Straface, from Atlas Insurance gave some fascinating insights into how Atlas Insurance have already pioneered the distributed ledger in a Maltese insurance application while Theo Dix from EY was discussing the company's involvement with the intriguing consortium of insurers and major shipping companies insuring shipping hulls. Both Theo and Ian will return to give more sector specific insights on November 8th during the event sponsored by RSM Malta.

In the final seminar before Christmas, there is a special event which focuses on something every practitioner in the financial space faces day in, day out: clearing and settlement. Whatever you transact, the settlement chain is a key area being shaken up by all manner of distributed ledger technologies. In this respect, whether it's settling insurance policies, banking transactions or securities trades, fund administration, etc. ...every single element of settlement is being shaken up by DLT and blockchain.

Among other speakers, Patrick L Young will discuss several of his writings on the topic as settlement moves towards a real-time environment, even in areas which have traditionally taken days or weeks to revolve.

Having gone from zero to warp speed with the Blockchain Island strategy, BlockFinance is already playing a key role in better understanding the risks and opportunities for all actors within the financial centre of Malta. The seminars are open to all and can be booked/paid for via the FinanceMalta website. Registrations are on a first come, first served basis. No technological understanding is expected for those who wish to attend the briefing pertinent to their sector.

If you want to understand how blockchain can impact your business, we look forward to welcoming you to BlockFinance.

Author Patrick L Young wrote the original "fintech" book Capital Market Revolution! (FT Prentice Hall 1999) and is chairman of Blockchain Malta. 

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
Related Articles
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions