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ARTICLE · 23 MAY 2018

Second Reading In Parliament For Blockchain Bills: The Innovative Technology Arrangements And Services Act

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One of three recent and significant legislative developments in the field of blockchain and Distributed Ledger Technology was presented by the Maltese Government for its second reading in Parliament.

MaltaTechnology
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One of three recent and significant legislative developments in the field of blockchain and Distributed Ledger Technology ('DLT') was presented by the Maltese Government for its second reading in Parliament . The Bill is aimed at promulgating a framework for "Innovative Technology Arrangements and Services" ('ITAS'). The ITAS Bill is intended to go hand in hand with the also newly publicised Malta Digital Innovation Authority Act (the 'MDIA Act', an overview of which may be accessed here ) and the Virtual Financial Assets Act (the 'VFAA', an overview of which may be accessed here and here ).

The first and second schedules of the ITAS Bill establish the definitional criteria for innovative technology arrangements ('ITA') and innovative technology services ('ITS') respectively. The Bill provides that an arrangement or service having the characteristics of an ITA or ITS is eligible to be recognised as such by the Malta Digital Innovation Authority (the 'Authority'),

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