Apple co-founder sets up blockchain-based firm in Malta

Co-founder of Apple Steve Wozniak has set up a new blockchain-based business in Malta. He praised the government’s willingness to provide legal certainty to the blockchain sphere by passing specific legislation, while other governments have been wary of the application of this technology.

According to the firm’s website, EFFORCE will allow contributors to invest in energy efficiency projects and earn profits based on energy savings that are generated, while also doing something positive for the environment.

Wozniak said blockchain technology has the potential to improve the efficiency of how energy is used, leading to lower energy consumption without changes to consumer habits. It was also more secure than the use of standard servers.

In May, the Malta Financial Services Authority registered the first nine VFA Agents under the Virtual Financial Assets Act. VFA Agents will assist issuers and service providers under the Virtual Financial Assets Act, and make applications to the MFSA on their behalf. In-principle approval was granted to 14 VFA Agents earlier this year.

Dr Christopher Buttigieg, Chief Officer responsible for Strategy, Policy and Innovation, said: “The role of the VFA Agent under the VFA Act is primarily that of gatekeeper – a first line of defence which ensures that only persons who are fit and proper enter the financial system.”

Ravi Viroomal, Director of Sovereign Trust (Malta) said: “Malta continues to strengthen its position as a global centre for blockchain businesses. The VFA regulatory framework gives confidence to users that there is a high validation process to operate from Malta and for businesses that have a licence there is certainty of carrying out their business enabling investment and growth.”

For further information, please contact Ravi Viroomal by phone on +356 21228 411 or by email.