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Breaking: Maltese Parliament Approves Three Cryptocurrency Bills

 

Earlier this week, the Maltese Parliament unanimously voted, approving three cryptocurrency and blockchain bills. This industry is expected to expand exponentially even as Malta by this very act creates a cryptocurrency and blockchain space that will allow for an influx of new entrants.

 

Following the approval of the bills, the Parliamentary Secretary for Digital Innovation Silvio Schembri stated in a tweet expressed his gratitude to all persons that were involved in the collaborative effort to have this bill passed. He also expressed his delight for being permitted to be at the forefront of ensuring this piece of legislation sailed through Parliament successfully. In the same tweet, Schembri is reported to have named Stephen McCarthy as the Malta Digital Innovation Authority`s CEO.

 

According to the junior minister these new legislations are expected to allow the cryptocurrency and bloackchain sector to thrive.

In an engagement that ensued between CCN and Dr. Joseph Borg, founder of Bitmalta and a partner at WH Advocates and solicitors, he expressed optimism about these new developments.

 

Dr. Borg stated: “Today is a historic day for blockchain and cryptocurrency enthusiasts, professionals and entrepreneurs in Malta. It is the first step to make Malta the jurisdiction of choice for blockchain businesses. The fact that parliament unanimously voted in favour of the three bills is crucial for the stability of the sector and for Malta to become the hub of Blockchain and cryptocurrency businesses. Well done to all involved!”

 

The three bills passed by the Maltese Parliament included the Malta Digital Innovation Authority Bill, Technology Arrangements and Services Bill and the Virtual Assets Financial Bill.

Malta Digital Innovation Authority Bill

 

This is apparently the first bill intended to ensure the regulation of digital currencies and the blockchain sector are wider in scope. The Bill essentially creates the Malta Digital Innovation Authority and is expected to set its sights on internal administrative arrangements. This newly created Authority will be administrated by a Board of Governors.

 

Technology Arrangements and Services Bill

This bill with a multiplicity of issues related to the registration of Technology Service Providers and certification of Technology Arrangements (“TA”) with the possibility of having the TA being granted separate legal personality. This bill largely centers on the establishment of cryptocurrency exchanges and other crypto-related firms.

 

Virtual Financial Assets Bill

 

The Bill is concerned with the regulatory regime applicable to Initial Coin Offerings (“ICOs”) and regulations relating to certain service providers who may be involved in any form of ICO transactions. This regulatory regime earlier named is outlined in this bill.

 

Some fear that these newly approved bills will only serve the interest of big industry players but may put the small players in a disadvantaged position. However it appears persons with such a pessimist view are in the minority. Many who have had the opportunity to make public comments have for the most part tended to be upbeat about a bright future for the sector, facilitated by these new legislations.

 

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