Malta will be the Blockchain Island of the Mediterranean up to becoming the first country in the world to approve three bills regulating the entire space of Blockchain and Cryptocurrencies in favor of this industry. The projects were proposed by Silvio Schembri Jr. Minister for financial services digital economy and innovation of the Parliament and approved by a unanimous vote.
The new laws regulate ICO's, Cryptocurrencies and Business practices to form companies working in cryptocurrencies. On July the 4th 2018 Malta's Prime Minister Joseph Muscat confirmed through Twitter that Parliament reaffirmed its decision to approve the three projects.
These are the virtual financial assets law which regulates the application of vices as the new way of raising funds. It stipulates that startups seeking to work with ICO's must present a report that describes in detail.
The entire project plus ICO firms masters publish their financial history. Secondly, a digital innovation Authority Law regulation the cryptocurrency and Blockchain market also establishing a new regulatory entity called the Malta digital innovation Authority and it is going to be led by a Board of Governors and a CEO.
The first CEO were appointed executive director is Stephen McCarthy and finally the arrangements and technological services law. These will discuss the registration and procedures on obtaining a license for service providers based on Blockchain Technology.
It also establishes the guidelines for the registration of an exchange within the territory of Malta. The expectation is that this law will attract large cryptocurrency exchange houses around the globe.
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