Three bills were approved yesterday (June 26th 2018) by the Maltese government in their second reading; all related to distributed ledger tech and cryptocurrencies. Full details of the three bills; namely the Innovative Technology Arrangements and Services Bill, the Virtual Financial Assets Bill, and the Malta Digital Innovation Authority Bill, were published on the parliamentary website in Maltese.
Meanwhile, Silvio Schembri, the Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta, tweeted his support for the bills:
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
It is understood that the Innovative Technology Arrangements and Services bill will regulate exchanges, the Virtual Financial Assets Bill will oversee certification for blockchain-related programs, and the Virtual and Financial Assets bills will regulate ICOs.
Malta is taking massive leaps forward in cementing its position as the crypto capital of the world. It already tops the charts in terms of global trading volume arranged by country – due in no small part to Binance having relocated there – and have also appointed their first CEO of the Maltese Digital Innovation Authority; Stephen McCarthy. McCarthy’s main job will be to oversee regulation and get Malta’s house firmly in order as they continue to grow.
Image Credit: Deposit Photos
Is Malta now the world’s crypto capital? Let us know your thoughts in the comments.