Skip to main content

Malta Passes Blockchain Bills Into Law, ‘Confirming Malta as the Blockchain Island’



The Parliament of Malta has passed three bills into law that establish a regulatory framework for blockchain technology, local news outlet Malta Today reported July 4. The bills include the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.

Silvio Schembri, Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta, tweeted about the passing of the bills today, noting that the island nation is a pioneer in providing a solid legal framework for blockchain companies:

"The three Bills that will regulate distributed ledger technology (DLT) have been approved by Parliament and enacted into law. Malta , the first world jurisdiction to provide legal certainty to this space."

Schembri said that the move taken by the Parliament would put investors' minds to rest as companies now have the necessary legal tools to operate in a regulated environment. The Junior Minister also expressed his optimism about companies choosing Malta as their base of operations, saying that the republic now offers a stable system that will "result in further economic growth."

Dr. Jean-Philippe Chetcuti of Maltese law firm Chetcuti Cauchi Advocates, said the passage of the new legislation is "a momentous milestone for Malta as a forward-looking economy, truly confirming Malta as the 'blockchain island.'" Chetcuti noted that companies will feel more comfortable "committing to further investment, and setting up in Malta."

A multitude of blockchain and crypto business have already located to Malta, as the country's officials took regulatory steps to become the "blockchain island." Recently, several cryptocurrency exchanges, including OKex, Binance, and BitBay have set up operations in Malta due to the development of a blockchain and crypto-friendly space within the country. In May, the Transport Minister of Malta announced a partnership with U.K. middleware blockchain startup Omnitude to improve the Maltese Public Transport Service using distributed ledger technology.

Moreover, the Malta Gaming Authority issued a document with guidelines on blockchain and cryptocurrency applications in the gaming industry, aiming to apply standards to games that use cryptocurrencies and blockchain technology. Last year, the government of Malta also announced is was developing a project to test the feasibility of using blockchain for the recording of academic certificates.

Comments

Post a Comment

Popular posts from this blog

What is TogaCoin?

TogaCoin is here to stay for a long time because this token sale is not only about cryptocurrencies but also about other important areas of the world economy. Yes, you heard it right and we will be telling you more interesting things about this token sale right away. Unique Selling Points You will be paid during the token sale. Yes, it is true and you should think about it right away. In fact, you could end up earning up to 20% of the invested money per month. Really? Yes, it is true and you should be happy with it. Explainer video Features These guys have a lot of experience in the world of IT and they will shine with this token sale. TogaCoin's staff will work on the important field of cryptocurrency mining and even in data management. These are amazing fields that could generate a lot of money down the road. Technical Analysis Well, TogaCoin will work hard to make money via these activities: -0Electricity is a very important part of the world econom...
Post a Comment
Read more

The Bitquence Liquidity Network

CryptoCurrency is gaining popularity, however with Bitcoin very user-unfriendly mass adoption is not coming. The Bitquence Platform is aiming to replace Bitcoin with it's many disadvantages with something better. A currency for the people. More and better usability, A wallet which is universal and support several coins, like Bitcoin but also Dash and Ethereum. Please read along to get the latest information about this project which can grow very large. Collection of abnormal pockets programs, With automated sources that oversee a large number of wallets for each and every of your financial paperwork making it exhausting to do. International Cryptocurrencies lately stay on experiencing an especially noteworthy increment, impulsively reaching colossal valuations. The have an effect on at the present economic system modified the psyches of people to take after enhancements within the time of Cryptocurrency. Virtual kinds of cash and blockchain innovation are lat...
Post a Comment
Read more

GrantShares DAO launching to support ecosystem growth and grassroots initiatives

The GrantShares DAO is launching on Neo N3 to distribute funding to grassroots developers and ecosystem beneficial projects. The DAO will manage an initial treasury funded by the Neo Foundation. As the first DAO to launch on Neo N3, GrantShares is designed to provide financial support to smaller initiatives that do not currently fit the scope of Neo's existing grant programs. Voting members of the organization include COZ, AxLabs, Red4Sec, NGD Enterprise, NeoResearch, NEXT, Neo SPCC, Neo Foundation, Neo Global Development, and Neo News Today. Anyone is encouraged to submit a proposal for the members of the DAO to discuss and vote. The initial funding limit for GrantShares is $50,000 per proposal, and can be used to fund local events, dApps, developer tools, education initiatives, and more. Projects seeking larger amounts should apply for grants through one of Neo's Eco Support tracks. The DAO's smart contracts are developed and maintained by AxLabs and have already been dep...
Post a Comment
Read more