Malta has confirmed its status as the so called ‘blockchain island’ in the Mediterranean Sea. The parliament of the island passed three bills that create a regulatory framework for blockchain technology. the information has been reported by the news source maltatoday on July the 4th.
Malta: the Crypto Island
The bills are known as the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the virtual Financial Asset Act.
The Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta, Silvio Schembri said on twitter that the bills will regulate blockchain technology.
Silvio Schembri commented on the matter:
“The three Bills that will regulate distributed ledger technology (DLT) have been approved by Parliament and enacted into law. Malta, the first world jurisdiction to provide legal certainty to this space.”
The 3 Bills that will regulate DLT have been approved by Parliament and enacted into law. Malta , the first world jurisdiction to provide legal certainty to this space. #blockchainisland @JosephMuscat_JM
— Silvio Schembri (@SilvioSchembri) July 4, 2018
In this way, companies and investors will have all the legal tools they need to establish their enterprises in the country. Different enterprises and businesses, including Binance, the most important virtual currency exchange in the market, have decided to settle their operations in the island.
Some of the benefits are its connection with the European Union, the possibility to work with local financial institutions like banks, have a stable financial environment and clear regulations on blockchain technology.
Other important companies located in the country are OKex and BitBay. Both of the companies decided to find a better country where to locate their operations, and the island seems to be a good place.
Another important thing to mention is that the Malta Gaming Authority, issued a document that sets guidelines on blockchain and cryptocurrency applications in the gaming industry. The main intention behind it is to create standards to games that have cryptocurrencies embedded and use blockchain technology.
Dr. Jean-Philippe Chetcuti, part of the Maltese firm Chetuti cauchi Advocates, explained that the new legislation is a ‘momentaneous milestone for Malta as a forward-looking economy.’ According to him, this confirms that Malta is the ‘blockchain island.’
Image: Times of Malta