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Maltese Parliament has unanimously approved second reading of all three Cryptocurrency/Blockchain/DL

August 2018 - TMT ( Technology, Media & Telecoms). Legal Developments by Mamo TCV Advocates.

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Maltese Parliament unanimously approves second reading of all three Crypto-currency Bills.

The Maltese Parliament has yesterday, Tuesday 26th June unanimously approved three Bills during a second reading in Parliament as announced by Parliamentary Secretary for Digital Innovation Hon. Silvio Schembri. This milestone development will make Malta one of the first countries to soon adopt a legal framework for ICO's, Exchanges and Innovative Technologies and position Malta as an attractive jurisdiction for investors and operators in the industry.

 

The Bills are the following:

  1. The Malta Digital Innovation Authority Act
  2. The Innovative Technology Arrangements and Service Act
  3. The Virtual Financial Assets Act which introduces a legal framework for the regulation of ICO's and Exchanges 

The next stages for the enactment and adoption of the above Bills will be a Committee Sitting and assent by the President of Malta.

The introduction of the above Bills will provide investor protection and legal certainty to both investors and operators who are keen to establish legitimate cryptocurrency operations in Malta, as well as to further establish Malta as a Blockchain island.

Malta has seen an influx of cryptocurrency businesses, many of whom have already relocated and established themselves in Malta. The introduction of the above Bills will see a continued increase in such business and operations being carried out from Malta.