Malta has established new rules that will require all property rental contracts to be registered on blockchain.
According to Malta’s Prime Minister Joseph Muscat, the country’s parliament has approved the new proposal which will be announced in coming days. He explains that this new regulation will require rent contracts to be registered on a blockchain for security and to protect them from tampering or unauthorized access. In his words:
We will now be showing people the added value of this technology through applying it to something which they use in their daily lives. Such a contract cannot be tampered with and only those authorized will be able to access it. This shows how the digital transformation will affect their lives.
PM Muscat’s comments come as no surprise, as those familiar with the Malta terrain have seen the country offer favourable environment for crypto and blockchain businesses. The country which pitches itself as the world’s “Blockchain Island”, has continued to open its doors to crypto/blockchain firms; including offering scholarships to its citizens interested in studying blockchain technology.
Malta’s new policy isn’t the first of blockchain or cryptocurrency’s use in global real estate. From purchases using Bitcoin as payment, to a recent blockcahin partnership by Dubai’s Land Department, the use cases of blockchain technology are of wide variations in real estate.
Most notably, these institutions seek to adopt paperless, verifiable land and property registrations which will ensure efficiency and transparency in real estate deals.
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