The Cabinet of Malta has approved three new bills on Tuesday, one of which is the Virtual Financial Assets Bill that provides the regulatory framework for cryptocurrencies and initial coin offerings (ICOs), according to local media. The other two bills are the Malta Digital Innovation Authority Bill and the Technology Arrangements and Services Bill.
All three were also presented on Tuesday for their first reading before the Malta Parliament. Debate between both sides of the House before they are passed into law is now the next stage.
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Moreover, Silvio Schembri who is the Parliamentary Secretary for Financial Services, Digital Economy and Innovation, with full conviction said:
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.
He was also quoted by Malta Winds, saying,
“As a government, we think that by regulating this market, it will ensure that the three main principles of financial regulation are adhered to and will be a market that protects the investor and provides market integrity and financial soundness.”
This European Island definitely is not ready to let cryptocurrency go. Malta might just become the new big home of digital currencies.