In an ever-changing world, one that is becoming more volatile both politically and economically, successful individuals seek opportunities to stay ahead.
Affluent individuals are looking at citizenship by investment options as a means of securing their future.
CBI is a subject, which attracts a fair share of passionate discussion. Some accept it; some simply despise the concept of citizenship by investment. All in all, it has put countries offering such programmes into the spotlight, with strong calls for stringent due diligent processes; often the result of misconceptions or lack of knowledge about the industry.
The reality is somewhat different; Citizenship-by-Investment Units (CIUs) employ very thorough and unparalleled due diligence systems, which are often looked-up to by their peers in the financial services industries. The benefits of the robust due diligence processes adopted by CIUs go beyond the investment migration industry. CIUs could be providing an essential service to jurisdictions, through their work in due diligence.
Sharing of information across CIUs through Distributed ledger technology (DLT) could help to combat financial crime, money laundering and financing of terrorism.
What is a Distributed Ledger technology?
A distributed ledger (or shared ledger) is a database that is consensually shared and synchronized across network spread across multiple sites, institutions or geographies. There is no central administrator or centralized data storage
A Blockchain is one type of a distributed ledger. Distributed ledgers use independent computers (referred to as nodes) to record, share and synchronize transactions in their respective electronic ledgers (instead of keeping data centralized as in a traditional ledger). Blockchain organizes data into blocks, which are chained together in an append only mode.
Malta’s lead in Blockchain and DLT
Malta is already fast becoming a Blockchain island of the world, with just recently Malta approving 3 Blockchain/DLT bills in the parliament.
Today Maltese Parliament unanimously approved 3 bills on DLT/blockchain, a 1st in the World. Honored to have driven these bills. Announced that Mr Stephen McCarthy will be the CEO of the new #Malta Digital Innovation Authority. #BlockchainIsland -SS
— Silvio Schembri (@SilvioSchembri) June 26, 2018
Binance CEO once said Maltese leaders are the most forward thinking in the world when it comes to Blockchain.
Malta Governments friendly attitude toward blockchain technology, already drawn many crypto exchanges such as Binance and OKEx to set up and operate in Malta.
Source/Credit: Individual Investor Program of Malta
