After Belarus, its Malta that has stunned the world with a historic decision. The government of Malta has unanimously legalized cryptocurrencies in the island. On Tuesday, cabinet of Malta approved three bills which were proposed with respect to the regulation of cryptocurrency and ICOs.
Notably, the cabinet of Malta has approved all three bills which gives it a status of a fully fledged crypto-friendly state. The decision has been lauded worldwide by the blockchain enthusiasts and economists. The decision came rather quickly after the proposals were made to the cabinet, amidst all the speculations wavering between the positive and negative outcomes.
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What Are The 3 Different Bills ?
The first one is the Malta Digital Innovation Authority Bill which brings forth a new department along with its duties and responsibilities, known as Malta Digital Innovation Authority. Its basic function is to monitor the internal governance provisions, apart from this, it would also be responsible for certification of DLT (Distributed Ledger Technology) platform to legal and reliable entities. It would examine all the candidates that want to use the DLT platform.
The second bill is called the Technology Arrangements and Services. It’s key role is to register the technology service providers and to certify the technology arrangements, which includes concerning system administrators and auditors.
Also Read : Cryptocurrency Business Are Now legal in Belarus
And the final as well as the decisive one is Virtual Financial Assets Bill, which focuses on ICOs. This one will regulate the activities related to ICOs and its commences, it would also streamline the procedures applicable to cryptocurrency exchanges. In addition to that, this bill also vests the Malta Financial Services Authority (MFSA) with regulatory and investigatory powers such as the power to ask for information, issuing rules and directives. It even gives them power to suspend an ICO or the trading of crypto coin on an exchange.
What will it change?
Since the ICOs and cryptos got the green flag from Maltese government, it will open many doors to crypto traders, enthusiasts and cryptocurrency development companies. The Maltese government is expecting the island to become a hub for crypto trading and development soon. Due to its legal proximity to European Union and Common Wealth, Malta will actually be a preferred location for crypto businesses.
There are lots of cryptocurrency development company arising and searching for a safe haven to start their operations from, Maltese government is providing a flexible legal framework to achieve that. The government is letting you either registering your business from Malta and operating from your own country, or you are most welcome to set up your exchange or development company in Malta itself.
Malta has clearly emerged as a haven for many crypto and blockchain enthusiasts. It will provide a stable framework to companies willing to launch their ICOs in future, which open a wide possibility for the whole cryptocurrency market to rise and become stable. Technoloader is a cryptocurrency development company based in India and we warmly welcome this historic decision taken by Maltese government. We are glad to encourage the people to venture in Malta and willing to offer our services in setting up crypto exchanges.
