Malta: The Blockchain Paradise Island.
Recently Malta has become a popular place to found blockchain based businesses, and its appeal is easily explainable. While some countries have put a ban on all crypto affairs, Malta has created a jurisdiction with well defined laws that regulate the world of cryptocurrencies and blockchain technologies as the key element of the future economy.
Malta has already attracted some crypto heavyweights such as OKEx, BitBay and Binance, and now it is aiming to become the center of the crypto world. According to Prime Minister Joseph Muscat, “Cryptocurrencies are the inevitable future of money”, so Malta’s government is ready to fully embrace the concept.
Three cryptocurrency and blockchain bills have been passed by The Maltese Parliament on Wednesday, July 4, 2018.
The Virtual Financial Assets Act (VFA)
The VFA is created to regulate ICOs. This law demands every new company choosing ICO as an investment attraction model to publish white papers with the entire project’s detailed description. It also implies that such businesses are to make their financial history publicly available.
The Malta Digital Innovation Authority Act
This bill is intended to establish the Malta Digital Innovation Authority (MDIA) that will formalize regulatory procedures for the cryptocurrency and the blockchain industry.
Technology Arrangements and Services Bill
The bill specifies the registration and certification procedures concerning technology service providers, and focuses on the registration of exchanges in Malta. It is believed, that this bill was created to turn Malta into the main crypto exchange hub.
With this set of bills, Malta is the first to provide legal certainty to the space of crypto and it will surely become one of the most desirable locations for setting up blockchain enterprises.
In line with the latest legislations, Malta is going to host the biggest crypto event of this year, Malta Blockchain Summit on November 1–2, 2018. It promises to be a unique opportunity for Crypto influencers to network, establish new contacts and discuss the potential uses of Blockchain in a multitude of industries such as health, entertainment, government, and banking.