Malta passed 3 laws to regulate the blockchain sector
Malta’s Parliament passed 3 laws designed to regulate the blockchain space, Malta Today reported on July 4.
The Junior Minister of Financial Services, Digital Economy and Innovation under the Office of the Prime Minister of Malta, Silvio Schembri, also posted this on Twitter, stressing that the island nation was the first to provide a solid legal framework for blockchain companies..
“The 3 laws that will regulate Distributed Ledger Technology (DLT) have been passed by parliament and have gained legal status. Malta became the first jurisdiction to provide legal certainty in this space, ”he wrote..
Schembri noted that the decision of the parliament will make life easier for investors, since the business will receive the legal tools necessary to operate in a regulated environment. The junior minister also expressed the hope that blockchain companies will choose Malta to deploy their activities, adding that the presented stable regulatory system will be the key to the country’s “future economic growth”.
Jean-Philippe Checci of Cauchi Advocates said the laws are a milestone in Malta’s development as an advanced economy and reaffirms its status as a “blockchain island”. Checci stressed that companies will be more confident “to allocate new investments and settle in Malta”.
A lot of crypto and blockchain companies have already moved their offices to Malta. Earlier this was announced by exchanges OKex, Binance and BitBay, all of which mentioned Malta’s progressive approach to regulating the cryptocurrency industry..
In addition, the Maltese Gambling Authority has issued guidelines for the use of blockchain and cryptocurrencies in the industry, intended to establish uniform standards. Last year, the authorities of Malta announced a blockchain test for recording education data.