Malta Passes Three Bills to Establish Itself as “Blockchain Island”
Malta’s lawmakers have recently approved three newly proposed bills presenting a new opportunity for blockchain technology on the island nation. The bills include the MDIAA bill, the ITASA bill and the VFAA, all of which have been passed by the parliament as part of its plan to fully adopt the new technology upon which they aim to build the foundations of its industry.
A Financial Minister, Silvio Schembri, posted on Twitter, the new bills would cement Malta’s position as an openly-accepting nation of crypto tech, and a leading figure in developing thorough and robust legal regulations for DLT companies.
Malta is first to establish a fully functional legal system for blockchain companies.
According to the Minister, the Parliament's decision to pass and implement the new law would ease tensions and concerns among investors, and provide them with a legal and regulated environment in which to operate.
He also expressed confidence in the fact that many new and old business will head to Malta given its supportive stand on blockchain businesses, saying that this will only advance Malta’s economy even more.
Dr. Philippe of a local law firm in Malta also voiced a positive attitude regarding the bills, saying that the new law brings the nation to a whole new level as an open and supportive economy, and cements its status as ‘blockchain island’. According to Philippe, this will also instill further trust and comfort in potential investors looking to operate in Malta.
Many companies and blockchain operators have already begun their business on the island following the new regulations. Binance and other giants have already started operating within its borders.
Malta’s Minister of Transport also announced a collaborated effort with Omnitude, a startup in the UK, to advance public transport through blockchain technology. The island’s gaming industry has also seen regulations placed to standardize cryptocurrency and blockchain-based video games.