Silvio Schembri, Minister of Financial Services of Malta, said: The Malta Parliament has officially passed the final approval of the three bills of cryptocurrency and blockchain, which are now in force. The three bills include: 1. According to the MDIA Act, the Malta Digital Innovation Agency (MDIA) will be established. The Act aims to provide the necessary arrangements for the registration of technology certification and companies providing services in this area. 2. The ITAS Act (Innovative Technical Arrangements and Services Act) is designed to regulate innovative technology arrangements. 3. The VFA Act (Virtual Financial Assets Act) represents the framework necessary for ICO, cryptocurrency exchange and virtual currency related services regulatory systems. The bill aims to regulate the activities of brokers, exchanges, asset managers, investment advisers, wallet providers and other market makers within the virtual currency sector.
Comments: Coin and OKEx have set up their headquarters or offices in Malta earlier this year. With the official promulgation of these bills, Malta has become the first country in the world to legally recognize smart contracts and decentralized autonomous organizations. It has become one of the most attractive countries for the blockchain and cryptocurrency industries.