Three Blockchain bills Approved By Malta’s Cabinet

Malta has been associated with cryptocurrencies andblockchain in a variety of ways this year. The Blockchain Island of Malta has been encouraging and supporting all blockchain enthusiasts lately and as a result, they are giving supports to good projects.

It has also witnessed an exponential interest from exchanges across the globe looking to relocate and launch from Malta. The latest news conveyed the tie-up between Changelly and Binance in the island of Malta. Adding on, Malta had previously announced a test to define ICO’s as securities and had also supported a blockchain based fundraising platform to set up in their country. There are many more to add on the list such as Tron’s founder, Justin Sun extending his support to the Prime Minister of Malta who aims to build a blockchain Island and so on.

Another big announcement from the pro-blockchain nation is the Cabinet approving three bills associating with cryptocurrency and blockchain technology, one of which concerns the Virtual Financial Assets Bill which provides a regulatory framework for cryptocurrencies and ICO’s.

The other two approved bills are Malta Digital Innovation Authority Bill and the Technology Arrangements and Services Bill. However, there will be a debate between both sides of the House before passing it into law. This will be the next stage procedure.

Silvio Schembri, the Parliamentary Secretary for Financial Services, Digital Economy and Innovation stated:

“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.”

The Bill associated with Virtual Assets will primarily focus on ICO’s and regulations in regards to few service providers involving in ICO related activities. Additionally, the bill will also outline regulatory regime as applicable to crypto exchanges.

Malta Winds also quoted him:

“By regulating this market, the three main principles of financial regulation will be ensured to adhere to and will be a market that protects the investor along with providing market integrity and financial soundness.”

ChangPeng Zhao, Founder of Binance tweeted with delight:

“Awesome! Silvio Schembri”

Branda Milton, a Crypto enthusiast says:

“I see there are some smart people in Malta…congrats! Let’s make Malta amazing. I see there are some smart people in Malta…congrats!”

The Wolf of Crypto, a Twitterati says:

“CZ, I’m getting tired of congratulating you on your new locations. Please stay at a corrupt island for more than two months. Moving your business to three different countries in 12 months is a little extreme and I’m starting to worry about my money.”