Government Of Malta Approves Three Cryptocurrency Bills

The Parliament in Malta yesterday voted unanimously to approve three blockchain and cryptocurrency bills which made the news in the field of crypto. The bills were designed to make Malta one of the most important and desirable locations in the blockchain space and should be facilitated by many companies in the sector.

The Parliamentary Secretary for Digital Innovation, Silvio Schembri, has tweeted that he was honored to have spearheaded the legislation through the Parliament of Malta, expressing gratitude to all who had collaborated on the project. On top of this, he announced that Mr. Stephen McCarthy will be the new CEO of the Malta Digital Innovation Authority.

Today Maltese Parliament unanimously approved 3 bills on DLT/blockchain, a 1st in the World. Honored to have driven these bills. Announced that Mr Stephen McCarthy will be the CEO of the new #Malta Digital Innovation Authority. #BlockchainIsland -SS

— Silvio Schembri (@SilvioSchembri) June 26, 2018

The Junior Minister is also optimistic on the way that these new bills would allow the crypto and blockchain sector to flourish.

The founder of Bitmalta, Dr. Joseph F Borg also commented on the situation in the country, stating:

“Today is a historic day for blockchain and cryptocurrency enthusiasts, professionals and entrepreneurs in Malta. It is the first step to make Malta the jurisdiction of choice for blockchain businesses. The fact that parliament unanimously voted in favour of the three bills is crucial for the stability of the sector and for Malta to become the hub of Blockchain and cryptocurrency businesses. Well done to all involved!”

Meanwhile, the bills approved are as following:

• the Malta Digital Innovation Authority Bill – which will give a wide scope to the regulation of cryptocurrencies in the blockchain space
• the Technology Arrangements and Services Bill – dealing with the possibility for registration of Technology Service Providers and certification of Technology Arrangements
• the Virtual Financial Assets Bill – focusing on the regulatory regime applicable to ICOs and the regulation involved with activities related to them

Most of the comments on these bills have been positive even though there are some sources saying that they could only allow the ‘big players’ to operate.