Malta adopted new cryptocurrency laws

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The Parliament of Malta announced that on the evening of July 4th, it has adopted new laws in the field of cryptocurrency and blockchain.

In particular, the “Law on Digital Innovations”, “The Act on Innovative Technologies, Agreements and Services” and “The Act on Virtual Financial Assets” were adopted.

Secretary of the Parliament on Digital Innovation and Finance Silvio Schembri said that Malta has become one of the first countries with such regulation.

“Three laws regulating the use of distributed registry technology, adopted by Parliament and entered into force. Malta is the first jurisdiction in the world to provide legal certainty in this area,”  he said.

According to Schembri, such a move by the parliament will help calm investors, and companies will receive the necessary tools for action in the legal field. He also optimistically looks at the prospects of companies that chose to choose his country as their primary jurisdiction.

“Malta offers a stable system, and this will result in further economic growth, ” says Schembri.

Dr. Jean-Philippe Chetcuti from the law firm Chetcuti Cauchi Advocates noted that the adoption of new laws is “a grandiose milestone for the promising economy of the country and confirms its status as a “blockchain island”. Chetcuti believes that now companies will be much more comfortable to do business in Malta and invest.

In Malta, a large number of cryptocurrencies are already working in the sphere of cryptocurrencies, which positively assess the previous regulatory decisions of local authorities. In particular, such exchanges as OKEx, Binance, and BitBay opened their offices in the island state.