Three crypto bills have been passed by the Maltese parliament through their second reading. This further cements the tiny Mediterranean islands ambition to become the “Bitcoin continent of Europe”.
The announcement was made by the Parliamentary Secretary for Digital Innovation Silvio Schembri at the Malta Institute of Management Cryptocurrency Considerations for Management Conference. The conference was held at the Radisson Blu hotel in St. Julian and saw speakers across different sectors of the cryptocurrency and blockchain sphere.
The Three Crypto Bills
The approved bills will provide a clear legal framework for the necessities of setting up a legitimate cryptocurrency or blockchain-focused business in Malta. The island hopes this will help to secure it as a positive jurisdiction for crypto business and therefore put it on top of the list for investors and company owners.
The three bills are:
The Virtual Financial Assets Act
This act deals with the regulation of ICOs and states that projects funded via an ICO must publish White Papers.
The Malta Digital Innovation Authority Act
This act regards an industry-specific governing body that will be set up to protect and help manage businesses.
The Innovative Technology Arrangements and Services Act
This bill concerns the regulation of designated innovative technology arrangements.
Malta is Already Popular
Malta has already lured major exchanges Binance and OkEx to its shores, as both exchanges plan to relocate to the island within the year. These two are among the largest crypto trading platforms in the world; each processing daily, more than $950 million in transactions.
Binance has already opened a bank account in the country and says its decision to relocate was to enable fiat-to-crypto deposits and withdrawals; something Malta is planning on implementing with local bank partnerships.
Malta’s regulatory stance towards cryptocurrency and blockchain has been described as “logical, clear and forward-thinking,” by Binance CEO, Changpeng Zhao.
Will we see more exchanges moving to Malta? Will these three crypto bills create a haven for new and existing business? Already ahead of the game, Malta may just become the ‘Cryptopia’ it wants to be.
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