Malta has just passed three landmark bills into law on DLT/blockchain technology, transforming Malta fully established blockchain island.
- The Malta Digital Innovation Authority Act
- The Innovative Technological Arrangement and Services Act, and the
- Virtual Financial Asset Act.
#Malta 🇲🇹 officially the first country worldwide to have holistic legislative framework regulating #blockchain & #DLT technologies. We will be the #global hub for market leaders in this new sector. Now for the implementation of #BlockchainIsland -JM @SilvioSchembri
— Joseph Muscat (@JosephMuscat_JM) July 4, 2018
Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri said that this marks an important milestone through which companies will be provided with the necessary tools to operate in a regulated environment.
This will put minds at rest for investors and whoever uses this new technology that is likely to change the world, said Silvio Schembri.
“I am optimistic that further companies will choose Malta to operate from with a system that offers stability and that will eventually result in further economic growth”, said Silvio Schembri.
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
In a press release, The Government of Malta said.. Through innovation, Malta is fast becoming a pioneer in economic innovation in order to strengthen its economy through the creation of a new economic niche. This is resulting in other bigger countries following the footsteps that Malta took in this field.
Dr Jean-Philippe Chetcuti of CCA Law Firm said Maltese parliament has passed World first DLT legislation enacted in Block Chain Island of Malta. We now have a comprehensive framework in Malta. This is a momentous milestone, truly confirming Malta as a blockchain island.
Malta is also the 1st EU State to approve Cryptocurrency Issues & Crypto Exchanges
Malta Gaming Authority issued a document with guidelines on blockchain and cryptocurrency applications within the gaming industry, looking to create standards based off cryptocurrencies and DLT.
