Malta approves 3 bills to regulate blockchain and cryptocurrencies

Malta approves three bills for blockchain and cryptocurrencies

Malta remains determined to be a pioneer in the cryptocurrencies and blockchain sector, and once again is making news regarding these new technologies, as its parliament has approved three bills to regulate blockchain and cryptocurrencies.

“Malta is officially the first country worldwide to have holistic legislative framework regulating blockchain & DLT technologies. We will be the global hub for market leaders in this new sector. Now for the implementation of BlockchainIsland.” says Joseph Muscat (Prime Minister and leader of the Labor Party – Malta.)

Four projects were presented and approved on July 4, 2018 in the parliament of Malta, of which 3 are focused on establishing a regulatory framework for the blockchain sector and cryptocurrencies and the fourth seeks to establish the infrastructure of the island country.

malta the blockchain island
“The parliamentary approval of the law regarding Infrastructure Malta is a great step forward to strengthen the work and investment through which our country will have roads and other infrastructure of the highest quality in the years to come.”, said Ian Borg (Minister for Transport in Malta)

Regarding the regulatory framework for blockchain and cryptocurrencies, the approved laws have been:

  • The Malta Digital Innovation Act: That will allow the creation of the Malta Digital Innovation Authority (MDIA).
  • The Innovative Technological Services and Arrangements Act: That will establish the regulations required by the Digital Innovation Authority (MDIA).
  • The Virtual Financial Assets Act: Responsible for regulating the market and protecting the investor.

Silvio Schembri, the Parliamentary Secretary for Digital Innovation and Finance in Malta, commented that blockchain and cryptocurrencies will become the pillar of the country’s growth in the next 4 to 5 years.

The objective of Malta is to become the “Blockchain Island”, its position in favor of this technology means that many companies related to the sector will choose the island as a destination for their businesses.

malta will be the destination of fintech companies
Binance, the exchange that handles a greater volume of transactions in cryptocurrencies, announced the transfer of its operations center to Malta last March.

Welcome to Malta Binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for the world class fintech companies”, said Joseph Muscat to welcome the exchange to the island.