Maltese Parliament approves Blockchain and Cryptocurrency related Bills

The Maltese Parliament has recently unanimously approved three bills relating to Blockchain and Cryptocurrencies, namely the Virtual Finances Assets Act, the Malta Digital Innovation Authority Act and the Innovative Technology Arrangements and Services Act.

The approval of such bills comes on the back of the Maltese Government’s pledge to be one of the leading countries in terms of legalising virtual currencies and putting the island at the centre of the block chain map. 

By virtue of the Virtual Financial Assets Bill, persons (including bodies of persons) carrying out activities of crypto-currency exchanges in or from Malta will be required to be licensed by the Malta Financial Services Authority (‘MFSA’).

The Malta Digital Innovation Authority is also being set up to certify, register and regulate recognised innovative technology arrangements and innovative technology service providers.  

All three Bills are now shortly expected to be signed off by the Maltese President and brought into force by their respective publication in the Government Gazette.

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