Cryptocurrency and ICO news 05.07.2018
Malta becomes a “Blockchain Island”
The Parliament of Malta has passed three bills into law that establish a regulatory framework for blockchain technology, according to local media.
Silvio Schembri, Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta, tweeted about the passing of the bills today, noting that the island nation is a pioneer in providing a solid legal framework for blockchain companies:
“The three Bills that will regulate distributed ledger technology (DLT) have been approved by Parliament and enacted into law. Malta , the first world jurisdiction to provide legal certainty to this space.”
Schembri said that the move taken by the Parliament would put investors’ minds to rest as companies now have the necessary legal tools to operate in a regulated environment.
A multitude of blockchain and crypto business have already located to Malta, as the country’s officials took regulatory steps to become the “blockchain island.” Recently, several cryptocurrency exchanges, including OKex, Binance, and BitBay have set up operations in Malta due to the development of a blockchain and crypto-friendly space within the country.