The Maltese Parliament unanimously adopted three draft laws on the regulation of the blockchain and cryptocurrency developed in the framework of the task of becoming the «island of the blockchain».
«Today the Maltese Parliament of the world’s first approved three bills on the technology of distributed register (blockchain). I am proud to promote these bills,» — said the Secretary of Parliament on financial services and the digital economy and innovation Silvio Schembri (Silvio Schembri).
«We believe that cryptocurrency will continue to evolve and as government, we support the changes that cryptocurrencies can make in our lives,» he added.
Schembri said that the island’s government is focused on creating the right environment for the development of blockchain and cryptocurrency.
Approved bills to regulate the use of the technology of the blockchain and cryptocurrency in the country. The laws are intended to protect cryptocurrency investors, companies blockchain and financial transactions.
The law of Malta of the activities in the field of digital innovation (Digital Innovation The Malta Authority Act) describes the tasks and responsibilities of the newly created office of digital innovation. The Agency will be responsible for platform certification technology, distributed registry, confirming their reliability and also to provide legal protection to users of these platforms.
The law on virtual financial assets (The Virtual Financial Assets Act) focused on financial transactions and the transactions on the cryptocurrency market of Malta. This law will regulate all run in the country’s Primary supply of coins (ICO), as well as the activities of all service providers related to ICO. Additionally, the Law on virtual financial assets describes the control measures that will be applied to all cryptocurrency transactions.
The law on innovative technologies and services (The Innovative Technology Arrangements and Services Act) will regulate registration of suppliers of technology and services by providing accredited indigenous systems. The law establishes a registration process for administrators and auditors.
It is worth noting that Malta is moving fast towards the target and, thanks to the support of the government, over the past few months managed to become the center of development of blockchain and cryptocurrency.
Several companies have already announced plans to open branches in the so-called «island block», including one of the leading cryptocurrency exchanges Binance, the largest cryptocurrency exchange BitBay Poland and Hong Kong OKEx.
Other companies such as Bitfury Group and Omnitude, has concluded agreements of partnership with the Maltese organisations and government agencies with the aim of developing and introducing the technology of the blockchain in different areas of the economy.