Malta Passes three Crypto and Blockchain Bills into Law

Malta has confirmed itself as the Blockchain island as on 4th July, 2018 it passed three bills that establish a regulatory framework for Blockchain technology into law. The three bills include Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.

This new law will put investors’ mind at rest that their companies can operate in a well regulated environment which has the necessary legal framework. Malta has in fact has already appealed several cryptocurrency exchanges which attracted to the island due to the crypto-friendly planned developments. The stable system that the island has to offer will make it highly likely that it will attract further investment.

The Malta Gaming Authority (MGA) is also keeping up with this evolving technology and has recently issued a document with guidelines on Blockchain and crypto currency applications in the gaming industry. With these guidelines the authority aims at applying standards to games that use cryptocurrencies and Blockchain techonolgoy. In addition, the government last year had also announced it was developing a project to test the feasibility of using Blockchain for the recording of academic certificates.

For more assistance required on the subject please contact us on [email protected] or +356 2557 2557.