The Prime minister of Malta Joseph Muscat, known to publicly express his interest in Cryptocurrency time and time again has in a press conference which took place on the 4th of June revealed that the three cryptocurrency bills aimed at creating a more Crypto-friendly environment for Blockchain and Cryptocurrency will eventually be approved by the parliament.
He further disclosed that the third and final reading for the bills will commence later today to finally become law in the Country.
The country which is made up of an extensive group of islands is well seated in the central Mediterranean between Sicily and the North African coast and has already become a home to some of the world’s largest Cryptocurrency exchange platforms.
On the 26th of June 2018, Malta passed the second reading of the three Crypto-friendly bills which included ; The Virtual Financial Assets Act (VFA), which is aimed at regulating ICOs. Behind it is The Malta Digital Innovation Authority Act (MDIA) which is intended to create an industry-specific governing body related to digital technology.
The third and final bill termed as The Innovative Technology Arrangements and Services Act navigates around the designated innovative technology arrangements, and will serve as the means for the recognition of Blockchain based enterprises.
“This is the last stage of the legislation that will put Malta on the international map for blockchain and crypto regulation. There is political consensus on this roadmap and we are foreseeing that this area will be the mainstay of our economic growth for the next 4-5 years.”
Said Silvio Schembri, the Parliamentary Secretary for Digital innovation and Finance as he spoke to CCN earlier today.
On the 27th of May 2017, Malta introduced a strategy concerned with making it the first country to fully embrace and harness the potential of the Blockchain technology on a national level as it sets the pace for others to follow.
Interestingly, recent happenings over time has made Malta the heart of Cryptocurtency exchanges as the likes of Binance,the world’s leading Exchange relocated to Malta upon its major crackdown in Asia due to regulatory issues.
OKEx and BitBay has made Malta its place of residence in the same fashion. There’s no doubt that more and more exchanges will definitely sprout in a matter of months upon the passing of the final bill.