According to the local news outlet Malta Today, July 4th has been a big day for the European island – when the Parliament of Malta decided to pass three bills into law, establishing the proper regulatory framework for blockchain technology.
The bills include three acts:
- The Malta Digital Innovation Authority Act,
- The Innovative Technological Arrangement and Services Act, and
- The Virtual Financial Asset Act.
The Junior Minister for Financial Services within the office of the Prime Minister of Malta, Silvio Schembri, tweeted about the passing of the bills today.
The 3 Bills that will regulate DLT have been approved by Parliament and enacted into law. Malta , the first world jurisdiction to provide legal certainty to this space. #blockchainisland @JosephMuscat_JM
— Silvio Schembri (@SilvioSchembri) July 4, 2018
He also noted that the island’s nation is a pioneer in providing a solid legal framework for blockchain companies. As he stated, the move taken by the Parliament would put investors’ minds to rest now that the companies have all the necessary tools to operate in a regulated environment. He also seemed optimistic about companies choosing Malta as their base of operations, saying that the country now offers a stable system which will bring “further economic growth”.
We already reported the growth of Malta and its success as a blockchain island. As of recently, several exchanges including Binance, OKex, and BitBay have also set up operations in the country due to the development of a blockchain and crypto-friendly space within the country.
The Malta Gaming Authority also issued a document with guidelines on blockchain and cryptocurrency applications in the gaming industry.
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