According to a recent report from the country, Malta has approved three blockchain-based distributed ledger technology and crypto-related bill in the second parliamentary reading held on 26th of June, according to the legislative records from the plenary session. The three bills that were approved by the Maltese government are the Innovative Technology Arrangements and Services Bill, the Malta Digital Innovation Authority Bill, and the Virtual Financial Assets Bill.
The Virtual Financial Assets Bill and the Innovative Technology Arrangements and Services Bill outline the regulation of digital ledger technologies including the blockchain technology which is a part of it. These two bills also provide the guidelines for the regulation of virtual financial assets in Malta and will be supervised by the Malta Digital Innovation Authority. The Malta Digital Innovation Authority Bill establishes the Malta Digital Innovation Authority which will be tasked to promote consistent principles for vision and skill development in these technologies while encouraging the abiding of regulations for different sectors of technology.
The Junior Minister for Financial Services, Digital Economy, and Innovation within the Office of the Prime Minister of Malta, Silvio Schembri, released a tweet on the matter and showed excitement. He said that the unanimous approval of these 3 bills on distributed ledger technology and blockchain was a first in the world and that he felt honored to be a part of this initiative. Silvio Schembri also said that Stephen McCarthy will be the CEO for the newly formed Malta Digital Innovation Authority. Schembri signed off his tweet by hashtagging the title “Blockchainisland -SS”.
Times of Malta, a local news outlet and the original reporter of the news of the approval of these three bills has also confirmed Mr. Silvio Schembri’s tweet which said that Stephen McCarthy will be appointed as the CEO of the Digital Innovation Authority. The news was published in Times of Malta on 27th of June. Since this is the first time any country has taken such a broad step towards crypto technologies, Malta would surely want an experienced and skilled individual to lead it. Stephen McCarthy is a suitable man for the job. Stephen McCarthy has previously served as the CEO of the country’s housing authority too.
There is a reason why so many cryptocurrency exchanges including OKEx, Binance, and BitBay have decided to move their operations to Malta and this approval of blockchain-related bills is that reason. The country is notably friendly towards cryptocurrencies and other such technologies and is openly supporting entrepreneurs and small businesses to bring work on innovations in the technology. Malta right now is the only country who has made the effort of developing a crypto-friendly legislation. You can measure the support of the Maltese government towards cryptocurrencies by the fact that the new chairperson of the country’s Bankers Association says that the blockchain technology sounds like a banker’s dream and that cryptocurrencies are here to stay.