Yesterday, the Maltese Parliament approved the three Bills that will set up the Malta Digital Innovation Authority, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act. The Digital Economy Secretariat described the three laws, which will establish the regulatory framework for distributed ledger technologies, as the first of their kind in the world.
Several blockchain companies had already announced their plans to establish operations in Malta, prior to the approval of the three Bills. The Secretariat added that these investments will result in the creation of more common good and new jobs in Malta. It further stated:
“Through innovation, Malta is fast becoming a pioneer in economic innovation in order to strengthen its economy through the creation of a new economic niche. This is resulting in other bigger countries following the footsteps that Malta took in this field.”
Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri, also commented on the approval of the Bills, describing it as a step that would put investors’ minds at rest, since companies are now being provided with the necessary tools to operate in a regulated environment.
“This will put minds at rest for investors and whoever uses this new technology that is likely to change the world. I am optimistic that further companies will choose Malta to operate from with a system that offers stability and that will eventually result in further economic growth.”
Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri
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