Parliament passes three crypto and blockchain bills

Malta continues to stake its claim to being the blockchain island in the crypto space as yesterday, the Maltese Parliament unanimously passed three blockchain and crypto bills into law via a third reading. These bills are the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act

Silvio Schembri, Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta, also tweeted about the passing of the bills today, noting that the island nation continues to be a pioneer in providing a solid legal framework for blockchain companies to operate on the island.

“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.”, Schembri tweeted.

The Junior Minister said that the move taken by the Parliament would put investors’ minds to rest as companies now have the necessary legal tools to operate in a regulated environment. He also expressed his optimism about companies choosing Malta as their base of operations, saying that the republic now offers a stable system that will “result in further economic growth.”

Malta has consistently been in the crypto and blockchain news of late with several companies and exchanges relocating to the island. Major cryptocurrency exchanges such as Binance, OKEx and DQR are already in Malta setting up their operations. There have also been other partnerships announced such as the one between Omnitude and Malta Public Transport for a blockchain ticketing solution.

The Malta Financial Services Authority has also issued a consultation document on the new bills and will await feedback from financial service providers for the best ways to begin implementing this important legislation.