The wealthy country of Malta has passed three separate bills into law that officially establishes the country as a regulator force for blockchain users. They specialize in technology now, laws and news on all things blockchain. Yesterday on July 4th, the bill makes inclusions that incorporates the Malta Digital INoovation Act and Virtual Financial Asset Act.
Malta, 1st country in the world to regulate DLT technology. 3 new legal acts that will provide legal certainty for operators that operate in this space. Welcome to The Blockchain Island. #BlockchainIsland #Malta #first #certainty @JosephMuscat_JM @MaltaGov pic.twitter.com/vr3c3CCnsg
— Silvio Schembri (@SilvioSchembri) July 5, 2018
Junior Minister for Financial Services, Silvio Schembri, who specializes in the world’s new digital economy and innovations within the official office of the Prime Minister of Malta, recently made a tweet on the passing of some specific bills today, noting that the wealthy island is a major pioneer in giving users solid legal bills, laws, and frameworks for major blockchain tech companies:
“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 was heard to say that the new move was taken by the parliament, would be put in place to help ease the minds of the investors as new companies move with much needed tools to keep them legally safe and sound, so they can operate in compliance with regulations.
The new junior minister also made a point, showing his enthusiasm for companies who choose to use Malta as their home. Stating that there is a stable system that has been put in place in the republic, that will “result in further economic growth.”
Chetuti of the law firm council Dr. Jean-Phillipe who works with Chetuti Cauchi Advocates stated a recent line on the legislation that is being unveiled as it is
“a momentous milestone for Malta as a forward-looking economy, truly confirming Malta as the ‘blockchain island.’” Chetuti also noted that other businesses will be able to rest easier “committing to further investment and setting up in Malta.”
Several large blockchain and cryptocurrency organizations have already re-located to the tiny country, as the officials take massive regulatory leaps and bounds to become a real “blockchain island.” With several cryptocurrency exchanges like OKek, Binance and BitBay having already taken a foot hold in Malt because of the friendliness the country is putting out to crypto companies.
In May, earlier this year the Transport Minister of Malta made an announcement on a partnership with the United Kingdom in middleware blockchain technology startup company called Omnitude to further improve the Maltese Public Transport Service by using the new distributed ledger technology the world is now seeing.
Even more than that, the Malta Gaming Authority has released several different documents about the guidelines to be used for cryptocurrency and blockchain apps that will be used in the gaming industry, with goals of applying standards to gaming apps that use cryptocurrency and blockchain tech. Even last year, the government of the country made an announcement that it was in the process of developing a new project to test the feasibility of using blockchain technology for the recording of academic certifications.