Hon Silvio Schembri, Parliamentary Secretary for Financial Services, Digital Economy and Innovation, has officially announced the launch of the Malta Digital Innovation Authority (MDIA) at the Delta Summit 2018 in Malta.
The Malta Digital Innovation Authority will be a subsidiary of the Government of Malta. The authority will manage the organization of innovative technologies, in particular, Blockchain and cryptocurrencies.
The MDIA Act was approved by the Maltese Parliament on July 4, 2018. It regulates the functions and powers of the MDIA entrusted with the role of certifying Innovative Technology Arrangements and creating a registry of service providers, including system auditors and technical administrators.
The parliament also approved the Innovative Technology Arrangements and Services (ITAS) Act. It will allow the government of Malta to influence the activities of blockchain-based innovative technology in the country. Both of the acts take a force of law on November 1, 2018.
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