Parliament of Malta has finally passed three bills into a law which is going to establish a regulatory framework for blockchain.
As per a local daily Malta today these bills are Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.
The Junior Minister for Financial Services, Digital Economy and Innovation of Office of the Prime Minister of Malta, Silvio Schembri informed about these bills through his tweet.
He also noted that Malta is going to lead in being the first island nation to provide a legal framework to blockchain companies.
Image Source: blockchainmagnets
He further stated“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 also reiterated that this move by the parliament is going to calm down the investor’s mind as now most companies will be legally powered to operate in a regulated setup.
The minister said that he is optimistic that companies will now choose Malta as their base of operations since it can give them a stable system which can provide better economic growth.
Dr. Jean-Philippe Chetcuti from the Maltese law firm Chetcuti Cauchi Advocates feels that this smooth processing of the new legislation is going to be “a momentous milestone for Malta as a forward-looking economy, truly confirming Malta as the ‘Blockchain Island.’
He also reaffirmed that now companies are going to be more comfortable investing and setting up their business in Malta.
Many blockchain and crypto businesses have moved to Malta as the country’s officials started converting it into a blockchain island. In the past few months, many concurrency exchanges like Okex, Binance, and BitBay have thus been able to set up their operations in the country.
Image Source: amazonaws
In May this year, the transport minister of the country announced that U.K blockchain start-up Omnitude is going to help streamline the Maltese public transport service with their distributed ledger technology.
The Malta Gaming authority also released a document which had guidelines in blockchain and cryptocurrency applications in the gaming industry with the aim to apply them to games which use these technologies.
In 2017 the Malta government announced that it is going to develop a project to test whether they can use blockchain to record academic certificates.