Malta Passes New Laws, Aims To Become “Blockchain Island”

Three bills regarding cryptocurrencies, blockchain and distributed ledger technology (DLT) have been passed by the Maltese government; signifying another step towards becoming a “Blockchain Island.”

Silvio Schembri – a Maltese Member of Parliament and the parliamentary secretary responsible for financial services, digital economy and innovation – announced the bills in a Tweet.

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 Innovative Technology Arrangements and Services Act,” “The Virtual Financial Assets Act,” and “The Malta Digital Innovation Authority Act” – numbered 43, 44, and 45 repressively – aim to guide the Maltese government on how best to embrace and promote this disruptive technology.

The bills also provide regulatory clarity around initial coin offerings (ICOs) and lay out the regulatory powers of the Digital Innovation Authority.

Malta has made significant moves to become a blockchain hub. In March, Malta welcomed Binance – the world’s largest cryptocurrency exchange – into the country.

Welcome to #Malta 🇲🇹 @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ

— Joseph Muscat (@JosephMuscat_JM) March 23, 2018