Malta’s Reformed Rent Laws Require All Rental Contracts To Be Registered On Blockchainbr>
Joseph Muscat, the Prime Minister of Malta, said that every rental contract for property drawn up in the country will have to be registered on the blockchain to ensure its security.
Malta Today reported that the new rule is part of the country’s reformed rent laws, which were approved by the cabinet after a long consultation period. The new rent laws will require all property rental contracts to be registered on the blockchain to protect contracts from being tampered with and accessed by unauthorized parties.
“Every rent contract in Malta will be registered. The system we will be using to register the contracts is blockchain – distributed ledger technology,” Muscat said. “We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives. Such a contract cannot be tampered with and only those authorised will be able to access it. This shows how the digital transformation will affect their lives.”
According to the Prime Minister, the full details of the proposed rent reform laws will be announced in the coming days.