Malta Continues Moving On Laws To Make Crypto-Friendly Regulationsbr>
Continuing its efforts to become a cryptocurrency powerhouse, Malta’s cabinet has approved three separate bills relating to blockchain technology and cryptocurrency, backing measures for a regulated framework for initial coin offerings (ICOs) and digital currency.
The Virtual Financial Assets Bill aims to create a structure for regulating ICOs and cryptocurrency transactions in the country. Along with that, the Technology Arrangements and Services Bill and the new Digital Innovation Authority Bill are up for debate in the Maltese Parliament.
Silvio Schembri, the Parliamentary Secretary for Financial Services, Digital Economy and Innovation, endorsed the bills as part of the growing effort to make Malta a preferred destination for cryptocurrency and blockchain businesses.
“Once new laws surrounding blockchain technology and cryptocurrency are enacted in Malta, banks would be less reluctant to welcome companies working in the industry, presumably due to the legal certainty it would provide,” Schembri said, according to the Malta Independent.
The bills would grant regulatory power to the Malta Financial Services Authority, including the power to publish specific rules relating to listings, to suspend trading, and to require information on demand.