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Malta is Now Officially the ‘Blockchain Island’ !

 

The Maltese Parliament passed a series of pro-blockchain bills into law, heralding the launch of a new concrete legal framework for blockchain industry within the island nation. The new bills-turned-law specify the regulation of initial coin offerings (ICOs) and cryptocurrencies in Malta and clearly outlines the launching process of crypto-related businesses, establishing the country as a highly attractive location for blockchain enterprise.

The bills are known as the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the virtual Financial Asset Act. 

The Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta, Silvio Schembri said on twitter that the bills will regulate blockchain technology.

Silvio Schembri commented on the matter:

“The three Bills that will regulate distributed ledger technology (DLT) have been approved by Parliament and enacted into law. Malta, the first world jurisdiction to provide legal certainty to this space.”

  • The Virtual Financial Assets Act, intends to regulate ICOs. Under new Maltese law, companies planning to generate startup capital via ICOs will be required to publish detailed white papers that meet a range of specific requirements. Notably, individuals seeking to launch ICOs in Malta will be expected to make public their financial history.
  • The Technology Arrangements and Services Bill outlines the registration of “technology service providers,” and appears to be aimed primarily at the registry and operation of innovative technology arrangements and services. The entities governed by this act include software and architectures which are used in designing and delivering DLT, as well as 

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