Many hearts were broken when the Azure Window of Malta collapsed back in March 2017. The cause of the collapse was a bunch of serious storms that bombarded the Mediterranean Sea and the Island country. But Malta did not let the tragedy dampen its spirits because the country is now leading the way in terms of giving clear guidelines of cryptocurrency regulation within its jurisdictions.
The Maltese government has passsed three cryptocurrency and blockchain bills at the moment of writing this. The development was announced by the country’s Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta, Silvio Schembri, and via Twitter.
Today Maltese Parliament unanimously approved 3 bills on DLT/blockchain, a 1st in the World. Honored to have driven these bills. Announced that Mr Stephen McCarthy will be the CEO of the new #Malta Digital Innovation Authority. #BlockchainIsland -SS
— Silvio Schembri (@SilvioSchembri) June 26, 2018
Malta has taken a major step with the three bills which are as follows:
- The Malta Digital Innovation Authority Bill – This first bill establishes the Malta Digital Innovation Authority that will focus on internal governance arrangements through a Board of Governors. The bill will also highlight the duties of the Authority. One of its mandates will be to certify Distributed Ledger Technology (blockchain) platforms to ensure credibility and provide legal certainty to their users
- The Technology Arrangements and Services Bill – This second bill deals with the registration of Technology Service Providers and certification of Technology Arrangements. This bill is primarily geared towards the establishing of exchanges in the country and other companies that want to operate in the crypto industry
- The Virtual Financial Assets Bill – This third bill deals with the regulatory framework for ICOs in the country
Binance CEO, Changpeng Zhao, was one of the first to congratulate Malta on this achievement via Twitter.
The popular cryptocurrency exchange of Binance, through its CEO, had earlier this month stated its intentions of setting up a bank account in Malta. This act by the exchange led many to speculate that the exchange was soon to offer fiat-to-crypto deposits and withdrawals on its platform. Changpeng Zhao would later confirm that the exchange was moving its headquarters to Malta and would offer the said fiat-to-crypto option in a year’s time.
The country of Malta has now set itself apart from the rest by giving clear guidelines towards crypto regulations as well as living up to its recent nickname of the ‘Blockchain Island’. This in turn means that there will be an influx of exchanges and crypto firms setting up shop in the country with Binance leading the way.
[Photo source, cnn.com]