Three draft laws on the regulation of Bitcoin and blockchain industry were discussed in the second reading in the Parliament of Malta.
According to Silvio Scembry, the Secretary for Digital Innovation, these regulatory documents will help strengthen the country’s position, which is now considered one of the most friendly jurisdictions for the cryptocurrency business. Also, new regulations are designed to eliminate legal uncertainty and improve the investment climate in the country.
Law on Virtual Financial Assets, VFA
Articles VFA regulate the scope of ICOs. In particular, the document obliges each ICO-project to publish a technical document. In the latter, there should be a detailed description of the project, which is preparing to raise funds. Also, ICO-start-ups should publicly disclose their financial data.
Malta Digital Innovation Management Act, MDIA
This document refers to the creation of an industry regulatory body. This organization will be responsible for supporting, developing and implementing technological innovations, including in the distributed registry area. Also, MDIA will regulate various services that work with new technologies.
Law on Innovative Technologies and Services
This document, in fact, creates the basis for the work of the two laws listed above. In particular, it includes the criteria for the current legislation of Malta companies involved in blockchain decisions.