The ‘blockchain island’ is expanding rapidly following the influx of some of the world’s largest crypto exchanges. Malta is keen to embrace crypto in all forms and is currently in communication with the Waves team to get the platform accredited on the island.

This week CEO of the Russian blockchain platform Waves met with Malta’s president Joseph Muscat and representatives of the island nation’s government. The announcement added that a number of potential scenarios would be on the table for integration of the platform in the state’s government and corporate sectors.

Cooperation between the two parties in the fields of healthcare, land registry, voting and other areas was discussed. Additionally proposals to use Waves as a platform for tokenized financial instruments have been mulled at the meeting. The first step would be the accreditation of the platform for it to be deployed across the island. Waves Founder and CEO, Sasha Ivanov, stated;

“We are interested in this accreditation and are ready to start working with Malta’s legal experts to bring our ready-to-use blockchain solutions here: Waves for the financial sector and Vostok for the government and corporate sectors,”

Maltese president, Joseph Muscat, commented that the government has legislated three acts which will provide legal certainty to the crypto space. These involve distributed ledger technology and digital financial products and services such as cryptocurrencies and ICOs. He added;

“Over the last months, the Maltese government has actively solved how to position Malta as a major hub in terms of the digital economy, which will play a central role in the economic sustainability of the years to come.”

Just a few days ago the Waves team also announced that they had commenced with the remaining stages in the launch of their own smart contracts on the platform. The Waves Smart Accounts have been described as “non-Turing complete smart contracts: they allow the execution of code on the blockchain, but with deliberate limitations on functionality to avoid unwanted usage scenarios and to increase the reliability of the system.”

Over the past seven days Waves has climbed 23% from $1.95 to $2.40 on the back of the developments. In the same period crypto markets in general declined 5% losing $10 billion. Today alone the token is up 15% according to Coinmarketcap and Waves is riding the wave today as cryptos bounce back from their yearly lows.

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