The Maltese Parliament has yesterday, Tuesday 26th June unanimously approved three Bills during a second reading in Parliament as announced by Parliamentary Secretary for Digital Innovation Hon. Silvio Schembri. This milestone development will make Malta one of the first countries to soon adopt a legal framework for ICO’s, Exchanges and Innovative Technologies and position Malta as an attractive jurisdiction for investors and operators in the industry.
The Bills are the following:
- The Malta Digital Innovation Authority Act
- The Innovative Technology Arrangements and Service Act
- The Virtual Financial Assets Act which introduces a legal framework for the regulation of ICO’s and Exchanges
The next stages for the enactment and adoption of the above Bills will be a Committee Sitting and assent by the President of Malta.
The introduction of the above Bills will provide investor protection and legal certainty to both investors and operators who are keen to establish legitimate cryptocurrency operations in Malta, as well as to further establish Malta as a Blockchain island.
Malta has seen an influx of cryptocurrency businesses, many of whom have already relocated and established themselves in Malta. The introduction of the above Bills will see a continued increase in such business and operations being carried out from Malta.
This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not hesitate to contact Dr. Katya Tua or Dr. Christina Scicluna.