The company which was described as one that was to give Malta the reputation of a blockchain island has closed shop nine months after opening, the Nationalist Party said in a statement.

PN spokesman for financial services Kristy Debono said this shows that the government does not have a long-term plan to strengthen the sector. The closure of the company is a blow to all its employees, she added.

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For Malta to really become a blockchain island the government must attract solid investment from reputable companies. Due diligence exercises should be thorough and licences should be awarded after tough scrutiny. If this does not happen, Malta will lose credibility in the sector.

The government should also provide the necessary training to young people interested in taking up a career in the sector, Debono added.

Government reaction

In a statement, the Parliamentary Secretariat for Financial Services, Digital Economy and Innovation said the PN was against innovation and blockchain.

It said that, in its negative rant, the Opposition, which is trying to give the impression that everything is business as usual, to cover up its internal problems, was confirming that it is against economic innovation and blockchain.

The Parliamentary Secretariat said the Opposition had shown gross hypocrisy when it tried to ride on the internal situation of a private company when it had not even participated in one of six public consultation sessions that had been held on the blockchain sector.

While the Opposition was taking pleasure at such a situation, the government would continue to attract more companies to Malta. The MFSA is currently processing a number of applications and will, later in the year issue the first licenses, which will lead to the creation of more job opportunities for the Maltese, the Parliamentary Secretariat said.