Malta’s Three New Regulation Bills

Marcin Iwański
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According to the Malta Today, Malta’s government has passed four new bills. One for Malta’s infrastructure and three that will establish a regulatory framework for the blockchain-based sector.

The Parliament accepted the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.

The new laws will be “first of a kind” as the Digital Economics secretariat described them.

In the last weeks, a lot of companies decided to run their business from Malta, i.e., Polish-based cryptocurrency exchange BitBay, or one with the biggest daily volume – Binance.  Thanks to new regulations and crypto-based companies moving to Malta, more workplaces will be created, which will improve Malta’s overall economic status.

Currently, Malta is considered as “cryptocurrency island,” where the government tries to help cryptocurrencies and regulate them to help blockchain-based businesses.

As the Dr. Jean-Philippe Chetcuti from Cauchi Advocates said the new legislation is “a momentous milestone for Malta as a forward-looking economy, truly confirming Malta as the ‘blockchain island.’”

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