For establishing a regulatory framework for making it easier to implement blockchain technology. The Parliament of Malta has passed three bills into law. The bills consist of the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.
Junior Minister for Financial Services, Digital Economy and Innovation, Silvio Schembri within the office of the prime minister of Malta, informed by his tweet about passing the law which stated as “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.” By passing this law, Malta which is already popular as blockchain islands is setting an example to rest of the digital global market that how they can provide a good solid legal framework to implement blockchain technology.
This move of Malta will put investors’ minds to rest as blockchain companies will now have a ready regulated environment to proceed further without any hassle of legal issue. Schembri also expressed his good confidence about how Malta can become base of operation for blockchain companies and trying to form a stable system for industries hoping that it will surely result in further economic growth.
Dr. Jean-Philippe Chetcuti of Maltese law firm Chetcuti Cauchi Advocates stated over-regulation that it is “a momentous milestone for Malta as a forward-looking economy, truly confirming Malta as the ‘blockchain island.’” Chetcuti is trying to state that Malta is trying to provide a comfortable place for investors to “committing to further investment, and setting up in Malta.”
As several leading exchanges including Okex, Binance, and Bitbay already have set up their operation in Malta because of its crypto friendly nature. In May the Transport Minister of Malta made an announcement of a partnership with U.K middleware blockchain startup Omnitude to improve the Public Transport Service using distributed ledger technology. Malta gaming authority also provided guidelines on blockchain and cryptocurrency application in gaming industry thus Malta is on the way to become a very friendly space for investors to implement DLT in various industries.