Malta blockchain regulations: Last night, four bills surrounding the blockchain sector in Malta were approved by Parliament, according to Malta Today. Will Malta become the first blockchain island?
Three of the bills approved were to help establish a regulatory framework for Malta’s emerging blockchain sector, and the other bill was to establish Infrastructure Malta.
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
Malta Blockchain Regulations: Blockchain Movement & Economic Growth in Malta
“Through innovation, Malta is fast becoming a pioneer in economic innovation in order to strengthen its economy through the creation of a new economic niche. This is resulting in other bigger countries following the footsteps that Malta took in this field,” the secretariat said.
Before the approval of the blockchain regulatory framework, there were several companies that announced their decision to move their operations to Malta (such as Binance and OKEx). With businesses moving to the island, this will create more quality jobs for its residents.
Currently, digital innovation and road infrastructure are at the top of the to-do list for parliament.
“The parliamentary approval of the law regarding Infrastructure Malta is a great step forward to strengthen the work and investment through which our country will have roads and other infrastructure of the highest quality in the years to come,” Ian Borg, Transport Minister, said in a press release.
All of this is an effort to bring economic growth to the country, something it so desperately needs. The blockchain regulatory framework is a first of its kind, and something investors are excited about.
“I am optimistic that further companies will choose Malta to operate from with a system that offers stability and that will eventually result in further economic growth,” said Silvio Schembri, Parliament secretary for the Digital Economy.
It will be exciting to see Malta’s growth within the next year and what other businesses will set up shop in the country. Do you think Malta could become a blockchain island?
Featured Image: Twitter