Malta โ€“ first country which supports blockchain technology

Malta โ€“ first country which supports blockchain technology

The Maltese Parliament has officially adopted three draft laws establishing "certainty law" for cryptocurrency enterprises. The country's politicians approved the third and final law on July 4.

Ensuring certainty law

Local media reported on July 4 that Parliament approved three bills and implemented them. These are the Malta Digital Innovation Authority Act, the Act on Innovative Technological Solutions and Services, and the Act on Virtual Financial Assets.

According to Silvio Schembri, (Minister for Financial Services in Malta), Malta was the first to provide clear law for companies related to cryptocurrencies. Schembri also added that he hopes to attract more companies to the country.

What are the new rules for?

The Act on Virtual Financial Assets (VFA)

This Act regulate projects related to the Initial Coin Offering (ICO). It defines the initial steps that each project must pass to be consistent. One of the interesting requirements is that every issuer must publish its financial history.

The Malta Digital Innovation Authority Act

It defines the establishment of an institution which is supposed to regulate development, as well as the implementation of certain principles specified in the Act.

Technology Arrangements and Services

It defines companies based on blockchain and makes them recognizable in the eyes of the law. This law was created as the basis for the operation of the two previous Acts.

Malta has successfully become a country that successfully supports blockchain technology. Recently, several cryptocurrency exchanges, including Binance and OKEx, created their branches on the island due to favorable policy and bad law in their home countries.