Malta’s Cabinet to Pass Three Cryptocurrency Bills
Malta’s cabinet has approved of three separate bills relating to blockchain technology and cryptocurrency, including measures that would introduce a framework for regulating cryptocurrencies and initial coin offerings (ICOs).
The 3 bills were presented to Malta’s Parliament for first reading on Tuesday. The next stage would involve a debate between both sides of the House before these bills are passed into law, the report explained. Silvio Schembri, the Parliamentary Secretary for Financial Services, Digital Economy and Innovation, “strongly believes” that:
“Once new laws surrounding blockchain technology and cryptocurrency are enacted in Malta, banks would be less reluctant to welcome companies working in the industry, presumably due to the legal certainty it would provide.”
More About the Cryptocurrency Bill
- Mamo TCV Advocates law firm explained that the Malta Digital Innovation Authority bill sees to the establishment of a new department called the Malta Digital Innovation Authority as well as its roles and responsibilities. The bill also focuses on internal governance arrangements. One of the main duties of the Authority would be “the certification of DLT [Distributed Ledger Technology] platforms to ensure credibility and provide legal certainty to users wishing to make use of a DLT platform.”
- The second piece of legislation, entitled the Technology Arrangements and Services Bill, deals with the registration of technology service providers and the certification of technology arrangements, such as concerning system administrators and auditors.
- The Virtual Financial Assets Bill sought to create a structure for regulating ICOs and cryptocurrency transactions in the country, as part of a wider drive to make Malta more compliant to the cryptocurrency sector.
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