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Malta Approves Bills to Promote Blockchain Development – “Blockchain Island”

Malta Approves Bills to Promote Blockchain Development – “Blockchain Island”

Malta is the new Silicon Valley for blockchain and cryptocurrency projects. The Parliament of Malta has just passed a few bills into law that build a regulatory set of rules and restrictions of what can be done and what can’t be done within the realms of blockchain technology. The local news outlet Malta Today stated that the bills are the following:

  • Malta Digital Innovation Authority Act
  • Innovative Technological Arrangement and Services Act
  • Virtual Financial Asset Act

These bills help facilitate the foundation of blockchain development and progression of it. Silvio Schembri, Junior Minister for Financial Services posted a tweet about the advancements the island nation has made in helping companies develop their blockchain technology.

He then went on to say that the bills would help bring investors peace of mind as companies can now utilize the necessary legal tools to operate in a controlled environment. They can now develop, build, and expand without worrying about legal restrictions.

The Junior Minister also showed great optimism for the future of blockchain development in Malta as companies are now flooding into the island nation to grow. He says the bills will now offer stability which will result in further economic growth.

Many companies have already moved to Malta, such as OKex, Binance, and BitBay. It’s officially dubbed the “blockchain island” and many more are already announcing partnerships with the island, such as blockchain startup Omnitude to improve the Maltese Public Transportation Service using ledger tech.

Dr. Jean-Philippe Chetcuite states that the new bills is a momentous “milestone of Malta as a forward-looking economy, truing confirming Malta as the ‘blockchain island'” and he also noted that more companies will be comfortable working here and setting up shop.

Via cointelegraph.

Long-time reader of crypto. One of the first graduating classes of Blockchain and Future Trends. Writer, journalist, and newbie technical analysis price speculator. Learning about the development of cryptocurrency and blockchain technology around the world is my job. ICOs, whitepapers, and cryptoculture are my things.

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