The Maltese Parliament approved three bills that provide legal certainty in the cryptocurrency industry. July 4, laws were passed in the final reading.
According to the parliamentary Secretary for financial services and the digital economy and innovation Silvio Schembri (Silvio Schembri), the country became the first jurisdiction providing the legal certainty of the cryptocurrency industry.
Schembri believes that this step should help investors as a company have all necessary for functioning in a fully regulated environment. Thus he hoped to attract additional investment:
«We hope that companies will choose Malta for their activities as a system, offering stability that will ultimately lead to further economic growth.»
We will remind, to the three approved laws include:
The law on virtual financial assets (The Virtual Financial Assets Act): regulates the primary supply tokens (ICO), setting the stages that must pass each project. One of the curious requirements of the law — what every Issuer needs to disclose their financial history.
The law of Malta of the activities in the field of digital innovation (Digital Innovation The Malta Authority Act): describes the tasks of a special body responsible for the development and implementation of certain instructions contained in the Law. A new body called the Office of digital innovation will also have regulatory functions.
The law on innovative technologies and services (The Innovative Technology Arrangements and Services Act): provides the legal basis for the actions of the two previous laws.