The Parliament of Malta has upheld 3 bills into law that settle a regulatory horizon for blockchain technology, internal news opening Malta Today reported Jul 4. The bills include the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.
Silvio Schembri, Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta, tweeted about the flitting of the bills today, observant that the island commonwealth is a colonize in providing a plain authorised horizon for blockchain companies:
“The 3 Bills that will umpire distributed bill record (DLT) have been authorized by Parliament and enacted into law. Malta , the first universe office to yield authorised certainty to this space.”
Schembri pronounced that the pierce taken by the Parliament would put investors’ minds to rest as companies now have the required authorised collection to work in a regulated environment. The Junior Minister also voiced his confidence about companies selecting Malta as their bottom of operations, observant that the commonwealth now offers a fast system that will “result in serve mercantile growth.”
Dr. Jean-Philippe Chetcuti of Maltese law organisation Chetcuti Cauchi Advocates, said the passage of the new legislation is “a useful miracle for Malta as a forward-looking economy, truly confirming Malta as the ‘blockchain island.’” Chetcuti remarkable that companies will feel more gentle “committing to serve investment, and environment up in Malta.”
A crowd of blockchain and crypto business have already located to Malta, as the country’s officials took regulatory stairs to turn the “blockchain island.” Recently, several cryptocurrency exchanges, including OKex, Binance, and BitBay have set up operations in Malta due to the growth of a blockchain and crypto-friendly space within the country. In May, the Transport Minister of Malta announced a partnership with U.K. middleware blockchain startup Omnitude to urge the Maltese Public Transport Service using distributed bill technology.
Moreover, the Malta Gaming Authority issued a request with discipline on blockchain and cryptocurrency applications in the gaming industry, aiming to request standards to games that use cryptocurrencies and blockchain technology. Last year, the supervision of Malta also announced is was building a plan to exam the feasibility of using blockchain for the recording of educational certificates.