Malta Implements ‘Blockchain Island’ Dream
Main page News, Blockchain, Malta

The Maltese Parliament has unanimously approved three laws on regulating crypto and blockchain that would help in fulfilling the countries objective of becoming a ‘blockchain island’. This was reported on Twitter by Silvio Schembri, the Chairman of Economic and Financial Affairs Committee. According to him, Malta became the first state in the world to take such a step. CEO Binance Changpeng Zhao was one of the first to congratulate Malta on the adoption of new legislation.

Why it is important

  1. Malta is one of the first in the world to create a separate special authority that will regulate the cryptosphere. In most countries, traditional regulators are expanded into dealing with crypto.
  2. This state is considered one of the most friendly towards the blockchain technology. Head offices of major exchanges, such as Binance and OCEEX, are moving to Malta. The adopted laws should further fortify country's position.

“Honored to have driven these bills. Announced that Mr Stephen McCarthy will be the CEO of the new#Malta Digital Innovation Authority,” - Silvio Shembry said on Twitter.

One of the adopted bills mentions the creation of the Office for Digital Innovation of Malta. As reported by Insider.Pro, this organization will deal with support and development of technological innovations, including in the field of blockage, while also regulating services that work with new technologies and certify blockchain-based services.

Malta to Pass 3 Crypto Bills

Another bill, approved by the Government of Malta, obliges each ICO project to disclose its financial data and publish a white paper with a detailed description of all aspects. The third document deals with registration of technological services and certification of agreements. Also, the bill includes criteria for the recognition of legislation by companies that are engaged in new technologies.

By Ekaterina Ulyanova

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