Malta needs to be realistic about how it regulates blockchain, Mru Patel, president of Excoin Futures has told the Blockchain and AI Summit.
 
Mr Patel explained that ‘whilst Malta is trying,’ to move towards regulation of blockchain, ‘it is still lagging behind.’
 
The Excoin’s president was speaking during Malta’s second edition of the AIBC Summit bringing together experts on blockchain and artificial intelligence, to discuss the future of decentralised data transfers, electronic currencies and intelligent machines.
 
Speaking during the opening panel discussion on macro and micro regulatory structures, Mr Patel spoke about those governing blockchain regulations in Malta were still working along a ‘do this don’t do that attitude.’ This was impacting innovation, he said.
 
Mr Patel added that Malta’s needs a friendly environment for the regulation of blockchain and crypto-currency, that people can trust can and don’t feel ripped off or scammed.
 
The president’s comments followed statements from Mariella Baldacchino, the director of blockchain advisory service Ellul Shranz.
 
Dr Baldacchino had explained that Malta was still introducing block-chain regulation since passing blockchain legislation in November 2018.
 
She said that there would need to be more cooperation between states to enforce laws as block-chain grows in other countries. 
 
"Malta is making a momentous step," she said.
 
Responding to Mr Patel’s comments on realism, fellow panelist Josef Cachia of KSi Malta, said that regulators were taking a ‘cautious approach’ and had to ‘keep in mind the risks involved’
 
"The essential point is that a regulator doesn’t want to oversee a disaster," Dr Cachia said.