Laws for blockchain

Malta parliament has approved in June three bills to make Malta become the “blockchain island”. They are improving the law to strengthen the position of the Country for cryptocurrencies business and attract the most possible companies from around the world.

According to the news, Malta is developing a “Virtual Financial Assets Framework”, which will complement “The Virtual Financial Assets Act,” according to informations.

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Anyway it seems that this framework is still not in force and it’s not known when it will be. There is no dubt that with these laws, Malta will probably become the most attractive place and country for blockchain business and companies. They infact are trying to attract small companies but also the biggest ones on the island. Binance is for example one of these.

What to expect

The three bills are titled “The Innovative Technology Arrangements and Services Act,” “The Virtual Financial Assets Act,” and “The Malta Digital Innovation Authority Act,” respectively.

These bills, when in force,  are expected to help guide the Maltese government on how to better embrace blockchain and achieve its aim of becoming an international crypto business hub.

One of the best innovation would be the creation of  Malta Digital Innovation Authority, which will be the point of reference for promoting and developing blockchain business on the island.

The development of this microstate’s law in the field of cryptocurrencies is to follow very closely because can give new power to this emerging market and maybe also push other countries in the world to develop similar attractive laws.