Recently the Parliament of Malta has adopted three bills regulating the industry of cryptocurrency and blockchain.
In particular, the “Law on Digital Innovations”, “The Act on Innovative Technologies, Agreements and Services” and “The Act on Virtual Financial Assets” were adopted.
Secretary of the Parliament on Digital Innovation and Finance Silvio Shembri said that Malta has become one of the first countries with such regulations.
“Three laws regulating the use of blockchain technology, adopted by Parliament and entered into force. Malta is the first jurisdiction in the world to provide legal certainty in this area, “he said.
According to Shembri, such a move by the parliament will help calm investors, and companies will receive the necessary tools for action in the legal field. He also optimistically looks at the prospects of companies that chose to choose Malta as their primary jurisdiction.
“Malta offers a stable system, and this will result in further economic growth,” says Shembry.
Dr. Jean-Philippe Checati from the law firm Chetcuti Cauchi Advocates noted that the adoption of new laws is “a grandiose milestone for the promising economy of Malta and confirms its status as a “blockchain island “. Chekati believes that now companies will be much more comfortable to do business in Malta and invest.
In Malta, a large number of cryptocurrencies are already working in the sphere of blockchain, which positively assess the previous regulatory decisions of local authorities. In particular, such exchanges as OKex, Binance and BitBay opened their offices in the island state.