The Republic of Malta became the first state with a full set of laws about the block chain and distributed registries. The relevant legal acts have been approved by the House of representatives of Malta yesterday. It is reported online edition of maltatoday.
In total, the corpus includes three laws: the Act on the establishment of the Department for digital innovation, the Act of innovative technological systems and services and Act virtual financial assets.
Junior Minister for financial services, digital economy and innovation of Malta Silvio Schembri (Silvio Schembri) dedicated to the event post to Twitter, which emphasized on superiority of the country in securing the blockchain sector a strong legal Foundation:
Three bills that reglamentary DLT, today was approved and came into force. Malta is the first country who has attained the legal certainty in this area. #blockchainisland @JosephMuscat_JM
Schembri also said that the decision should make life easier for investors, because now the companies have legal guidelines for working within the framework of the rules. Junior Minister upbeat on the country’s chances of attracting business, because now in the country has established a stable system, which, in his opinion, “contribute to further economic growth.”
Dr. Jean-Philip Chetcuti (Jean-Philippe Chetcuti), the Maltese partner of the law firm “Chetcuti Cauchi Advocates” said that the introduction of new laws was “an important step for Malta as a country with a progressive-oriented economy, which strengthened the status of “blockchain-island” Malta”. Chetcuti as Schembri believes that more companies will be interested in investing and opening offices in the country.
Part of the major representatives of the industry have already settled in Malta thanks to the efforts and loyalty of the government. Recently opened office several cryptocurrency exchanges, including OKex, Binance and BitBay. In may the Minister of transport Malta announced a collaboration with the British Department blockchain startup Omnitude to optimize public transport system with a distributed registry.
In addition, the Governance of gaming in Malta (MGA) has issued guidance on the use of blockchain and cryptocurrency in the gambling industry, attempting thereby to introduce the standards for this niche. Last year the government announced experiments with bloccano for recording certificates of education.
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