Three cryptocurrency and blockchain bills have been approved by the Maltese Parliament on June 26, making them one of the most attractive places for blockchain startups. The bills, which passed with a unanimous vote, have been projected by the parliamentary secretary for Financial Services, Digital Economy, and Innovation, Silvio Schembri.
The new laws are capable of regulating the initial coin offering (ICOs), cryptocurrencies and even business practices in the launching of crypto-oriented companies in Malta
The three bills are as follows:
Virtual Financial Assets Act (VFA) – this law tackles ICOs, a new form of fundraising. This law promotes startups that look into leading ICOs to provide white papers describing the whole project per detail, a practice being followed by most startup companies. The ICO firms will also have to issue their history in financial marketing.
Malta Digital Innovation Authority Act- this law controls the crypto and blockchain market where it sets a new regulatory entity which is called as the Malta Digital Innovation Authority (MDIA). This group will be led by a board of governors and a CEO as they elected Stephen McCarthy to the first CEO in authority.
Technology Arrangements and Services Bill – this law discusses the licensing and registration procedures for service providers of blockchain while also addressing the registration of crypto exchanges in the territory of Malta. Crypto enthusiasts hope this law will attract major crypto exchanges worldwide.
Malta has since been known as an ideal place for blockchain and crypto startups even before the bills came into laws. Major players like Binance and OKEx have both already established their offices in Malta.
At the beginning of the month, Malta ran a blockchain trial for credentials where if the experiment succeeded, it may extend the national level of reaching all areas of the education system and let 400,000 residents store their records in education through a blockchain platform.