The government of Malta has approved three bills related to cryptocurrency and blockchain, the The Malta Independent reports.
The bills include:
- Malta Digital Innovation Authority Bill
- Technology Arrangements and Services Bill
- Virtual Currencies Bill
The bills are to provide legal certainty for both businesses and individuals looking to plug into the world cryptocurrencies and blockchain technology, and will provide a framework for iCO regulation.
"I strongly believe that once these laws are enacted, this will answer a lot of questions especially when it comes to Anti Money-Laundering and KYC issues,” Parliamentary Secretary for the Digital Economy Silvio Schembri said.
"Without these bills, we have these questions unanswered,” he added.
The draft laws have been forwarded to the Parliament. After the bills are presented to Parliament for the first reading, a debate will ensue between both sides of the House before they are passed into law.
Malta is actively building a supportive regulatory and technical infrastructure to support the blockchain industry and is looking for ways to become a hub for digital-asset ventures.
By Siranush Ghazanchyan