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Malta is Officially the “First Country With Holistic Legislative Framework Regulating Blockchain Technologies”

The Prime Minister of Malta, Joseph Muscat, confirmed today at a press conference that the Maltese parliament unanimously decided to approve three bills to promote blockchain technologies and the use of cryptocurrencies.

With this decision, these projects now reach legal status, meaning that they are now mandatory. The new laws that reaffirm Malta as the Blockchain Island are The Malta Digital Innovation Authority Bill, The Technology Arrangements and Services Bill, and the Virtual Financial Assets Bill.

In a tweet, the Prime Minister expressed his enthusiasm regarding this decision, commenting on his hopes to position Malta as a leader in this emerging market. He took the opportunity to call for the implementation of the laws, putting into practice what is now established “on paper”:

A Good Decision With Great Support

The expressions of support spread very quickly. From politicians, businesspeople, journalists, and enthusiasts in general, the public was as excited as the prime minister, with very high expectations about the future of the country:

Undoubtedly, this ruling represents an important milestone for Silvio Schembri’s vision, who became the visible figure behind a country’s efforts to innovate in an area that has the potential to change the future of humanity, according to several analysts.

Schembri introduced the projects during April, and after three discussions, the Parliament finally approved all three of them for future implementation.

In an official Press Release, Schembri expressed his enthusiasm and confidence in the success of this government project:

“This evening’s Parliamentary session is historical. Malta will expose to the world its determination in allowing this industry to grow within its ecosystem. The feedback so far has been tremendous -keeping in mind the companies that have already announced their decision of relocating and opening offices here. These Bills will provide them with the legal certainty these companies are looking for,”

Silvio Schembri

Malta: The Place to Be

Malta began to make itself visible after Binance’s decision to move to the island thanks to its favorable regulation and successful talks between politicians and CZ, CEO of Binance.

This decision was due to the numerous legal problems Binance’s team was facing in Japan, where they were previously based. Initially, the Japanese authorities issued a warning that Binance might be in breach of the current legal regulations.

Silvio Schembri Speaking about Blockchain Regulation. Courtesy: Malta Today

CZ remarked on his surprise at this government action, especially considering that they were in talks for days with everything going on the right track.

Shortly afterwards, other exchanges and projects took the same path as Binance, sparking a special interest in the country which many began to refer to as the Blockchain Island.

Although the news is official, the immediate future projects are still unknown. However, it is expected that efforts to promote industries based on the use of cryptocurrencies and blockchain technologies will not only be maintained but will be further promoted.

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One Monumental Regulatory Step Forward: 3 Crypto Bills Approved In Malta

Many hearts were broken when the Azure Window of Malta collapsed back in March 2017. The cause of the collapse was a bunch of serious storms that bombarded the Mediterranean Sea and the Island country. But Malta did not let the tragedy dampen its spirits because the country is now leading the way in terms of giving clear guidelines of cryptocurrency regulation within its jurisdictions.

The Maltese government has passsed three cryptocurrency and blockchain bills at the moment of writing this. The development was announced by the country’s Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta, Silvio Schembri, and via Twitter.

Malta has taken a major step with the three bills which are as follows:

  1. The Malta Digital Innovation Authority Bill – This first bill establishes the Malta Digital Innovation Authority that will focus on internal governance arrangements through a Board of Governors. The bill will also highlight the duties of the Authority. One of its mandates will be to certify Distributed Ledger Technology (blockchain) platforms to ensure credibility and provide legal certainty to their users
  2. The Technology Arrangements and Services Bill – This second bill deals with the registration of Technology Service Providers and certification of Technology Arrangements. This bill is primarily geared towards the establishing of exchanges in the country and other companies that want to operate in the crypto industry
  3. The Virtual Financial Assets Bill – This third bill deals with the regulatory framework for ICOs in the country

Binance CEO, Changpeng Zhao, was one of the first to congratulate Malta on this achievement via Twitter.

The popular cryptocurrency exchange of Binance, through its CEO, had earlier this month stated its intentions of setting up a bank account in Malta. This act by the exchange led many to speculate that the exchange was soon to offer fiat-to-crypto deposits and withdrawals on its platform. Changpeng Zhao would later confirm that the exchange was moving its headquarters to Malta and would offer the said fiat-to-crypto option in a year’s time.

The country of Malta has now set itself apart from the rest by giving clear guidelines towards crypto regulations as well as living up to its recent nickname of the ‘Blockchain Island’. This in turn means that there will be an influx of exchanges and crypto firms setting up shop in the country with Binance leading the way.

[Photo source, cnn.com]

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