The Parliament of the Republic of Malta has passed three bills into law to implement regulatory framework and guidelines for blockchain technology. According to a report by local news outlet on July 4, the supervisory bills include the Malta Digital Innovation Authority Act, the Virtual Financial Asset Act and the Innovative Technological Arrangement and Services Act.
The Junior Minister for Financial Services Digital Economy and Innovation in the Office of the Prime Minister of the country, Silvio Schembri, earlier posted a tweet about the passing of the bills, he noted that the Island nation would be a pioneer in offering a suitable legal framework for blockchain firms: He stated that:
“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.”
The Junior Minister also commented that the move taken by the Parliament would put digital currency investors’ minds to rest because cryptocurrency companies will now have the essential legal tools to function and operate in a regulated system efficiently. Schembri expressed his optimism about companies that have decided to choose the country as their base of operations. He added that the republic can now offer a steady regulatory system that will result in further growth and improvement of the economy.
Talking about the three bills passed into law, Dr. Jean-Philippe Chetcuti of Maltese law firm, said that the new legislation is “a momentous milestone for Malta as a forward-looking economy, truly confirming Malta as the Blockchain Island.” Chetcuti also noted that cryptocurrency companies would feel more convenient “committing to further investment, and setting up in Malta.”
The Republic of Malta Exploring Blockchain Technology in Various Sectors
As the Republic of Malta’s authorities keep taking appropriate supervisory steps to become the blockchain island, more blockchain and crypto companies are willing to set up and relocate their businesses to the country.
Several blockchain-based and digital currency exchange platforms such as Binance, BitBay, and OKex have started operating in Malta in the past few months. This is due to the development of a suitable blockchain and cryptocurrency space in the country. In May, the Minister of Transport in Malta announced a partnership with Omnitude, a U.K based middleware blockchain Startup Company, to use blockchain technology for improving the Public Transport Service of Malta.
The Maltese government revealed that it was developing a program to test the feasibility of integrating and exploring the blockchain technology for keeping and recording academic certificates in 2017. Similarly, the Gaming Authority of the nation recently released a document with guidelines on the use of blockchain and cryptocurrency applications in the gaming industry, with the intention of applying standards to games that use virtual currencies and the blockchain technology.