- The regulations will make Malta a natural destination for cryptocurrency related business.
- The government aims at making the cryptocurrency market stable, establish market stability and investor protection.
The small island country is engaging in consultation talks that started on February 21, 2018. The public consultations will run for three weeks. The parliament is set to receive the recommended regulations once the talks are completed.
The Parliamentary Secretary, Silvio Schembri while talking to the local media said, “the purpose of these laws will be to provide legal certainty to a space that is currently unregulated. It will provide an environment conducive to this technology, and it will make Malta the natural destination for businesses working in this field”.
Mr. Schembri said that the laws on blockchain would lead to the small country into the status of “world leader in economic innovation.”
The laws to be put in place include an MDIA bill; it will be tailored to provide the foundation of the Malta Digital Innovation Authority (MDIA). In addition to that, the TAS bill; will aim at providing guidelines for establishing a platform and base for technology service providers. The last bill, VC bill; is going to formulate the laws that will govern ICOs. The Parliamentary Secretary believes that the MDIA bill will establish the policy that will be suitable for the development of the country as a technology and innovation hub.
The government of Malta has decided to implement regulation of cryptocurrencies and ICOs in a mission to establish market integrity, market stability and protection of the investors.
Mr. Schembri said in another interview with the local media, “We would like to be leaders. What is presenting here is serious work. We are ready to start.”.
It is not clear the final direction the laws will be taking. The cryptocurrency market will be in anticipation until the 9 of March 2018.
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