Malta Set To Establish AI Policy After Success with Blockchain Industry

The European Island is now focusing on the AI sector.


Malta Set Up Taskforce For AI Sector

The Island of Malta has set up a team that will focus on developing a national AI strategy. The country's minister in charge of the digital economy and innovations Silvio Schembri stated that the task force will be dubbed According to Silvio, the Island is targeting becoming a leading global AI destination.

Speaking on Thursday, Silvio stated that they will come up with suitable conditions for the AI sector. He said that it will be a replica of what happened in the DLT sector which has to be considered a success. Malta was the first country to issue regulations in the DLT sector and now it wants to improve its position in the world of AI. The tiny Island is targeting top a10 position when it comes to AI policy.

Already, the ministry has unveiled an online portal dedicated to the AI sector. A statement that was issued during the Malta Blockchain Summit indicated the AI sector will be regulated by MDIA. The body is also mandated with conducting oversight of the DLT sector.

The government is hoping to engage stakeholders in the sector to tackle key issues before coming up with the right policy. Authorities want to release a policy that is ethical, open and responsible on a social scale. In the end, the project plans to position Malta as the ideal jurisdiction for investors in the AI sector.

In rolling out the project, Malta will partner with SDingularityNET. The firm in an AI marketplace that is decentralized. Both parties will party in the pilot project.

SingularityNET is currently collaborating with Sophia, a robotics firm based in Hong Kong. The firm has unveiled its own AGI token that has a total market cap of $33 million, according to CoinMarketCap. Under the project, citizens will take part in operating robots.

With DLT, Malta is known to have friendly laws attracting numerous cryptocurrency businesses. The state is set to make the country a leading blockchain destination by February next year.

About four months ago, Malta's legislature passed about three bills meant to establish a regulatory mechanism for cryptos and blockchain sectors. Following the enactment of the laws, Malta has witnessed numerous crypto firms troop into the region from less hospitable jurisdictions.

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