Malta introduces three crypto related bills that are aiming to help guide the Maltese officials on how to organize the workflow around Blockchain technology and eventually become an international cryptocurrency business center.
28 June, AtoZ Markets – Malta has taken yet another step towards becoming a “Blockchain Island.” The nation has introduced three bills that are linked to cryptocurrencies, distributed ledger technology, and Blockchain.
Malta Introduces Three Crypto Related Bills
Maltese Member of Parliament and the parliamentary secretary responsible for the digital economy, financial services, and innovation, Silvio Schembri, has announced the news. The introduction of three bills is expected to make Malta one of the first countries in the world to pass the specific regulation in regards to Blockchain technology.
Mr. Schembri has stated in his latest Tweet:
“Today Maltese Parliament unanimously approved 3 bills on DLT/blockchain, a 1st in the World. Honored to have driven these bills. Announced that Mr. Stephen McCarthy will be the CEO of the new #Malta Digital Innovation Authority. #BlockchainIsland –SS”.
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There are three bills that are numbered 43, 44, and 45. They are named "The Innovative Technology Arrangements and Services Act," "The Virtual Financial Assets Act," and "The Malta Digital Innovation Authority Act," respectively.
Now, since bills have been passed, the authorities expect them to help guide the Maltese officials on how to organize the workflow around Blockchain technology and eventually become an international cryptocurrency business center.
Malta Crypto Friendly Stance Attracts Businesses
For instance, Bill 45 is planning to aid with the formation of the Malta Digital Innovation Authority. This organization will be in charge of promoting and developing the Blockchain industry in Malta.
The means will also manage the regulation of Initial Coin Offerings (ICO) and outline the regulatory powers of Digital Innovation Authority within the country.
Malta’s government is already known for its friendly stance regarding cryptocurrencies. This has attracted a number of international cryptocurrency market players to the island. Some of the exchanges, such as OKEx and Binance, has decided to set up their operations in this Blockchain-friendly country.
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