Malta became the first nation in the globe to approve Cryptocurrency and Blockchain amendments that are constructive to the crypto community. The Maltese Parliament passed three Cryptocurrency and Blockchain bills into decree on Tuesday, thus fitting one of the smartest places for Blockchain startups. The bills were projected by Parliamentary Secretary for Financial Services, Digital Economy, and Innovation, and were approved with undisputed ballots.
The latest laws standardize initial coin offering ICOs, cryptocurrencies, and the businesses procedures for launching a crypto-oriented company in Malta.
The Three Bills Explained In Detail
The Virtual Financial Assets Act (VFA): This law touches upon ICOs, which are an innovative form of fundraising. The law specifies that startups looking to conduct ICOs have to arise with white papers that explain in detail the whole project, a practice that is at present followed by most startups. Also, ICO firms will have to distribute their financial record.
The Malta Digital Innovation Authority Act: the second law controls the crypto and Blockchain market and sets up a new-fangled regulatory entity called the Malta Digital Innovation Authority (MDIA). The body will be guided by a Board of Governors and a CEO. Technology Arrangements and Services Bill – the third law converses the registration and licensing procedures for Blockchain service providers. It also tackles the registration of a crypto exchange on Malta’s territory. Crypto watchers expect that this law will draw major crypto exchanges from around the globe.
Malta has been known as an ideal purpose for crypto and Blockchain startups even before these bills were passed into laws reported Coin Telegraph. A number of major players in the industry, counting Binance and OKEx, have established offices in Malta. At the start of this month, it was accounted that Malta was running with its Blockchain trial for qualifications.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]