Lawmakers across the globe are making decisions on the disruptive technology currently sweeping across industries. It is no surprise that the Cabinet of Malta joined lawmakers taken favorable stances on cryptocurrencies. The cabinet approved three bills related to cryptocurrency and blockchain technology, with one bill, in particular, the Virtual Financial Assets Bill, providing a regulatory framework for cryptocurrencies and initial coin offerings. While the other two bills are the Malta Digital Innovation Authority Bill and the Technology Arrangements and Services Bill.
The three bills were also presented to the Parliament of Malta for its first reading on Tuesday. The next stage is a debate between both sides of the House before they are passed into law. Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri states, “As a government, we think that by regulating this market, it will ensure that the three main principles of financial regulation are adhered to and will be a market that protects the investor and provides market integrity and financial soundness.”
A new department has been established by the Malta Digital Innovation Authority Bill, the new department is called the Malta Digital Innovation Authority. The new department will focus on internal governance arrangements and its key roles have been described by Mamo TCV Advocates law firm, “the certification of DLT [Distributed Ledger Technology] platforms to ensure credibility and provide legal certainty to users wishing to make use of a DLT platform.”
The Mamo TCV Advocates law firm focuses on ICOs “and the regulation in respect of certain service providers which will be involved in activities related to ICOs.” The firm added that “The bill will also outline the regulatory regime which will be applicable to cryptocurrency exchanges.” These newly implemented bills will foster greater developments for Malta and empower the Malta Financial Services Authority (MFSA).
What do you think about the new bills approved by the Cabinet of Malta? Let us know in the comments section below!
Images courtesy of Malta Today and crypto money.
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