When Malta, a small island country positioned in between Sicily and the North African coast in the central Mediterranean, moved to embrace Bitcoin and blockchain in May last year, a national strategy for the first draft was approved. The bullish move by the country’s government was backed by a statement from Joseph Muscat ( Malta’s prime minister) when he said that “We must be on the frontline in embracing Blockchain and Bitcoin.”
He also added that he “looks forward to seeing Blockchain technology implemented in the lands registry and the national health registries” so as to ensure that Malta becomes the “global trail-blazer in this regard.”
Malta Passes Crypto Bills Into Law
Today, an exclusive report from CCN indicated that the country is now looking to further progress its stance as a crypto friendly jurisdiction, with a move to pass 3 crypto friendly bills. The country’s prime minister issued a press conference earlier in the day where he revealed that the three bills are set to be passed into law by the final reading of today’s parliamentary proceedings.
According to Silvio Schembri, the Parliamentary Secretary for Digital Innovations and finance:
This is the last stage of the legislation that will put Malta on the international map for blockchain and crypto regulation. There is political consensus on this roadmap and we are foreseeing that this area will be the mainstay of our economic growth for the next 4-5 years
The three bills received unanimous support from the parliament, making Malta one of the most crypto and blockchain-friendly locations on earth. Furthermore, Schembri has further mentioned his excitement at contributing to the legislation in a tweet late last month where he said that,
Today Maltese Parliament unanimously approved 3 bills on DLT/blockchain, a 1st in the World. Honored to have driven these bills.
What the 3 Bills Entail
The three bills consist of the Malta Digital Innovation Authority Bill, the Technology Arrangement and Services Bill and the Virtual Financial Assets Bill. All three bills will focus on cryptocurrency companies. For instance, the Malta Digital Innovation Authority Bill will deal with the regulation of Blockchain and crypto industry. The Technology Arrangements and Services Bill will serve to give exchanges guidelines for setting up and registering their companies while the Virtual financial Assets Bill will focus on ICOs and their regulatory aspects.
A large number of crypto exchanges and Blockchain related entities have already officially moved their business to Malta. Binance, one of the largest cryptocurrency exchanges in the world, has relocated its headquarters to the island country, establishing itself with over 200 full-time employees. Bitpay has also announced a move to Malta, and is set to officially end its stay in Poland from September 17th this year.
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