Three Cryptocurrency bills pass second reading

The Maltese Government has yesterday approved three cryptocurrency bills designed to facilitate the setting up of Blockchain companies in Malta. The bills are The Malta Digital Innovation Authority Bill, The Technology Arrangements and Services Bill and The Virtual Financial Assets Bill. With this significant advancement, Malta is proving to be a leader in this area and will likely become the top desirable location for this sector.

Silvio Schembri, Parliamentary Secretary for Digital Innovation has spearheaded the legislation through parliament. Shortly after that the Maltese Parliament unanimously approved these three bills, he announced on Social Media that Stephen McCarthy will be the Chief Executive Officer of the new Malta Digital Innovation Authority.

Prior to joining this new Authority, Mr McCarthy worked in iGaming and accountancy and also acted as the Housing Authority CEO.

The next step for these three bills to become law is for them to pass through a committee stage. This will then be followed by a third reading in Parliament and once approved, the bills will be presented to the President of Malta for final consent.

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