As per the Cointelegraph reports from the Malta Blockchain Summit, the Maltese government recently has announced the creation of a team to improve a countrywide artificial intelligence (AI) strategy.
Silvio Schembri one of the Junior Minister for Monetary services, Digital economy, and Invention announced the opening of the managerial initiative “Malta.ai,” stating that Malta is pointing to become a top AI nation. He further stated that the country would improve an approachable regulatory environment for AI much in the similar technique as it has done for blockchain technology. Today, the three DLT laws formally go into effect, if an all-inclusive controlling framework in the blockchain and cryptocurrency space. This actually means that the anew recognized Malta Digital Innovation Authority (MDIA), as well as the Malta Financial Services Authority (MFSA), can now begin getting requests for certifying from those interested in functioning in Malta.
On the other hand, Malta.ai will work together with SingularityNET, a regionalized market for AI services, in a pilot project to “travel a nationality test for robots in the procedure of enlisting new regulation for Artificial Intelligence (AI)”. SingularityNET, which is collaborating together with famous automaton Sophia created by Hong Kong-based Hanson Robotics, has presented its own AGI token, with an entire market capitalization reaching nearly $33 million according to CoinMarketCap.
Malta has extended its stand as an active and welcoming authority for blockchain and crypto-related business. The administration had even announced its meaning to make the country a leader in DLT. At the start of July 2018, the country’s Parliament had even released 3 bills setting a clear regulatory framework and legal environment for both the blockchain and cryptocurrency businesses. The country has meanwhile developed to be a well-renowned area for crypto-related startups, containing worldwide crypto exchanges such as Binance, OKex, and BitPay.
In addition to the first blockchain uses being premeditated by the Maltese Government, Silvio Schembri its Junior Minister, is now being tasked with the determined part of putting Malta at the lead of Artificial Intelligence (AI) and the Internet of Things (IoT).
The Maltese Government intends to follow the same steps it did when passing the DLT laws, which has allowed Malta to lead the blockchain revolution. Establishing a regulatory framework for AI is expected to impact every economic sector in Malta, transforming current job roles, as well as creating many news ones. Apart from using Blockchain technology in the public sector, the Maltese Government is looking into applying Artificial Intelligence in the public sector as well. According to Schembri, Malta has already identified several sectors where AI can assist, such as in Health, Education, Transport and logistics.