First agency in the world to be run by Blockchain-based system

DOI / Jeremy Wonnacott

Parliamentary Secretary for Digital Economy and Innovation Silvio Schembri visited the ongoing works on the new premises of the Registry of Companies Agency in Żejtun.

The Registry of Companies is a public registry responsible for the registered information and documentation pertaining to new and existing companies. It was at the end of last year when the Registry of Companies formally de-mergered from the MFSA and established itself as a standalone agency. Through the new Legal Act the Registry of Companies was given the responsibility for all assets, liabilities and obligations which were previously vested or entered by the MFSA and which emanate or arise from the functions of the Agency.

New staff to be recruited in seven new units

“The decision to create a separate standalone Registry is in line with the proposed changes to the MFSA which are set to strengthen the internal management structure of the Authority allowing it to focus solely on its regulatory role, while also delving into non-traditional segments of the market,” Schembri said.

The new Agency is in the process of recruiting new staff to invest in seven new units: HR Unit, the Legal Unit, the Finance and Administration Unit, the IT Unit, the International Affairs, Research and Communications Unit, Internal Audit Unit and the Enforcement and Compliance Unit.

DOI / Jeremy Wonnacott

“Through extensive investment in IT, the Registry of Companies will be more efficient and will lessen unnecessary bureaucratic procedures. It will be run by a system which will handle all of the processes performed by the Registry of Companies. The new system will make possible the provision of new services which with the present system are not being provided bringing the agency the first in the world to be run on a Blockchain-based system,” said the Parliamentary Secretary.

Childminding service for employees

Schembri also stated that a service of childminding will be provided for people working for this agency which would allow parents to bring their children there to be picked up for school and vice-versa.

DOI / Jeremy Wonnacott

Registrar Joseph Farrugia said that the new premises will strengthen the Agency operations to address better the challenges and will seek that the consumer and operators will be served efficiently and without any unnecessary delays. Mr Farrugia added that the Agency will be introducing the one-stop-shop concept by establishing the office of Capital Gains in the same building.

The Registry of Companies will be located in Żejtun together with the International Taxation Unit, Tech.MT Foundation, Finance Malta and Gaming Malta.

During the visit, Parliamentary Secretary Schembri was accompanied by Member of Parliament Alex Muscat.