Malta Cabinet passes three cryptocurrency bills
According to local media reports, the Malta Cabinet has approved three bills related to cryptocurrency and blockchain technology. One of these is the Virtual Financial Assets Act, which provides a regulatory framework for cryptocurrencies and ICOs. The other two bills are the Malta Digital Innovation Authority Act and the Technical Arrangement and Services Act
On Tuesday, the Malta Parliament discussed the bill for the first time.
According to the Malta Independent, the next stage is the debate between the two sides of the House of Representatives on the three bills.
Silvio Schembri, Parliamentary Secretary, stated that once the law on blockchain technology and cryptocurrency is enforced in Malta, banks will not welcome companies in the cryptocurrency area if they clarify the aspects of cryptocurrencies from a legal point of view.
The Wind of Malta quoted Silvio Schembri and said:
As a government, we believe that by monitoring the cryptocurrency market, we will ensure that the three major principles of financial supervision are respected and that the market in this area will become a market that protects investors, integrity and financial stability.
The first is the Malta Digital Innovation Authority Act, which sets up the duties for the new department, Malta Digital Innovation Authority. Mamo TCV Advocates Law Firm stated that this new department is also concerned with internal governance. The agency is mainly "certifying the distributed ledger technology platform to ensure credibility and provide legal basis for users of distributed ledger technology platforms."
The second item is the "Technical Arrangements and Services Act", which involves the registration and technical certification of technical service providers, such as the certification of system administrators and auditors.
The law firm stated that the focus of the Virtual Financial Assets Act is ICO
As well as oversight of certain service providers, these service providers participate in ICO-related activities.
The company added:
The bill also includes an overview of regulatory mechanisms that apply to cryptocurrency transactions.
At the moment, there are some exchanges that seek to go to Malta, and there are also some distributors who want to be in Malta. These bills will further enhance Malta's position in the blockchain field and maintain its reputation as a blockchain island.
In addition, the Act authorizes the Malta Financial Services Authority (MFSA) to “have the necessary regulatory and investigative powers,” such as “the power to issue orders, adopt and issue rules, suspend trading or prevent exchange-traded risks.”
On Tuesday, the Malta Parliament discussed the bill for the first time.
According to the Malta Independent, the next stage is the debate between the two sides of the House of Representatives on the three bills.
Silvio Schembri, Parliamentary Secretary, stated that once the law on blockchain technology and cryptocurrency is enforced in Malta, banks will not welcome companies in the cryptocurrency area if they clarify the aspects of cryptocurrencies from a legal point of view.
The Wind of Malta quoted Silvio Schembri and said:
As a government, we believe that by monitoring the cryptocurrency market, we will ensure that the three major principles of financial supervision are respected and that the market in this area will become a market that protects investors, integrity and financial stability.
The first is the Malta Digital Innovation Authority Act, which sets up the duties for the new department, Malta Digital Innovation Authority. Mamo TCV Advocates Law Firm stated that this new department is also concerned with internal governance. The agency is mainly "certifying the distributed ledger technology platform to ensure credibility and provide legal basis for users of distributed ledger technology platforms."
The second item is the "Technical Arrangements and Services Act", which involves the registration and technical certification of technical service providers, such as the certification of system administrators and auditors.
The law firm stated that the focus of the Virtual Financial Assets Act is ICO
As well as oversight of certain service providers, these service providers participate in ICO-related activities.
The company added:
The bill also includes an overview of regulatory mechanisms that apply to cryptocurrency transactions.
At the moment, there are some exchanges that seek to go to Malta, and there are also some distributors who want to be in Malta. These bills will further enhance Malta's position in the blockchain field and maintain its reputation as a blockchain island.
In addition, the Act authorizes the Malta Financial Services Authority (MFSA) to “have the necessary regulatory and investigative powers,” such as “the power to issue orders, adopt and issue rules, suspend trading or prevent exchange-traded risks.”
