Twitter Logo Youtube Circle Icon LinkedIn Icon

The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In Europe, Middle East and Africa, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for seven consecutive years. These partners are highlighted below and throughout the editorial.
Click here for more details

Malta > Legal Developments > Law firm and leading lawyer rankings

Editorial

Second Reading in Parliament for Blockchain Bills: The Malta Digital Innovation Authority Act

Second Reading in Parliament for Blockchain Bills: The Malta Digital Innovation Authority Act

The spearhead of Malta's new three-pronged legal regime on innovative technology arrangements and cryptocurrencies, the Malta Digital Innovation Authority Bill (the "Bill"), was presented to Parliament for its second reading, marking a fundamental step towards a new legislative milestone in Malta's efforts to become a trailblazer in the global blockchain revolution.

Once promulgated, the new Act will lay down the guiding principles of the soon-to-be-formed public body charged with the duty of promoting and developing Malta's new born innovative technology sector.The Malta Digital Innovation Authority ("MDIA") will be responsible for the certification of innovative technology arrangements and service providers in the field of distributed ledger technology, smart contracts and related arrangements.

Meanwhile, the essential criteria for the certification of these arrangements, as well as the licensing requirements for the creation of virtual financial assets, have been laid down in the other two pillars of the new legal regime: 

The Innovative Technology Arrangements and Services Bill, once approved, will regulate the creation of innovative technology arrangements and services.Further details on this statute can be found here and here.

In an industry which remains largely unregulated across the world and strongly resisted in others, the new regime affords much-needed legal structure designed to give legitimacy to a budding digital industry, as well as taking great strides in consolidating safeguards against abuse to which the industry is presently vulnerable for want of regulation worldwide.

The MDIA, apart from being the main supervisor of blockchain regulation, shall also be responsible for the creation of new policy and regulation which is yet required to flesh out the skeletal framework that has been laid down in the Bill. This process will continue to be overseen by the Government, working in close tandem with all stakeholders in the tech and finance fields.

Interview with...

Law firm partners and practice heads explain how their firms are adapting to clients' changing needs

International comparative guides

Giving the in-house community greater insight to the law and regulations in different jurisdictions.

Select Practice Area

GC Powerlist -
Europe

International comparative guides

Giving the in-house community greater insight to the law and regulations in different jurisdictions.

Select Practice Area

GC Powerlist -
Europe