Earlier this week, Malta’s cabinet approved crypto-related bills, according to a report from Finance Magnates. The three bills are designed to provide regulatory guidance for the industry, protect investors, and ensure greater market integrity. They now advance to the House of Parliament, which will debate the measures.
Parliamentary Secretary for Financial Services, Digital Economy, and Innovation Silvio Schembri has been a major proponent of the bills, suggesting that the laws are needed to ensure that Malta continues to be a welcoming place for innovation:
“Once new laws surrounding blockchain technology and cryptocurrency are enacted in Malta, banks would be less reluctant to welcome companies working in the industry, presumably due to the legal certainty it would provide.”
Malta has been viewed as a welcoming environment for many crypto-related FinTech firms in recent years. Binance recently announced a move to the island nation, and other exchanges have reportedly expressed interest in similar relocation efforts.
The three bills include the Virtual Financial Assets Bill, the Technology Arrangements and Services Bill, and the Malta Digital Innovation Authority Bill. Together, they would provide regulation for the blockchain and cryptocurrency industry, as well as initial coin offerings.