Crypto Bills Approved By Malta’s Cabinet On Tuesday!
Malta’s Cabinet has approved three bills on Tuesday. All the three bills are related to cryptocurrency and blockchain technology. Out of the three, one of the major bills is the Virtual Financial Assets Bill. The bill aims to provide a regulatory framework of cryptocurrencies and Initial Coin Offerings (ICOs). While the other two bills are namely, the Malta Digital Innovation Authority Bill and the Technology Arrangement and Services Bill.
Malta’s parliament received the three bills for the first reading where they got a clean chit. Furthermore, the next stage through which bills are to be surpassed is the debate between both the sides of the house. In addition to this, one of Malta’s independent explained that the bills would come into the law after the approval of the debate.
Silvio Schembri, who is the Parliamentary Secretary for Financial Services, Digital Economy and Innovation has a strong belief that;
Once the new laws surrounded by Blockchain Technology and Cryptocurrency get a place in Malta, the banks would then be less reluctant to welcome the companies working in the same domain. Presumably, a legal certainty in context to the crypto tradition would be there in the country.
What Are The Three Bills About?
Every single bill has a relevancy with the crypto market and blockchain technology only. So, here are the three bills which have received a green signal from Malta’s Cabinet:
The Malta Digital Innovation Authority Bill
The bill aims to establish a new department named the Malta Digital Innovation Authority. The duties and responsibilities of the department will be pre-defined. Also, the department will focus on the internal arrangements of the government. Besides this, one of the key roles of this department is the certification of DLT [Distributed Ledger Technology]. It is a platform to ensure credibility to the users and provide legal certainty to them so that they can make use of the DLT platform.
The Technology Arrangements and Services Bill
This bill deals with the registration of technology service providers and the certification of technology arrangements to them. The technology arrangements involve things like concerning system administrators and auditors etc.
The Virtual Financial Assets Bill
This bill aims to provide the regulatory framework for cryptocurrencies and initial coin offerings (ICOs). Moreover, the bill offers an empowerment to the Malta Financial Services Authority (MFSA) with some necessary regulators.