Malta Clarifies Startup Rules with 3 New Blockchain Bills

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Malta Clarifies Startup Rules with 3 New Crypto Bills

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The Maltese Parliament appears to be en route to passing three important cryptocurrency and blockchain bills which clarify laws for prospective new investors, according to CCN.

Malta is already a significant crypto space increasing in popularity with solid regulated support and a burgeoning innovative market. Prime Minister of Malta Joseph Muscat has recently revealed plans to re-establish several cryptocurrency businesses in his country’s jurisdiction. The country already has pro-blockchain legislation and existing regulations around cryptocurrency,

As the three bills go to parliament for their second reading it seems unlikely that they will stumble at the last fence given Malta’s charge towards securing its tag alongside Switzerland as a European crypto haven and a new home for innovative start-ups, both countries recognizing blockchain as a force for the future, and both legislating with that purpose in mind.

The announcement this year that crypto exchange giant Binance has now made Malta home, followed by similar plans from rival exchange OKEx, German blockchain firm Neufundand and gaming platform The Abyss, the country has sent a positive message to the European cryptocurrency community that regulation can create innovation.

The latest bills are aimed at further regulation:

-ICOs will now need to publish a white paper with fully transparent financial history details of the issuer for each new project needing funding through The Virtual Financial Assets Act.

-An industry-specific body will be sent up in order to support the deployment of The Malta Digital Innovation Authority Act which will promote the development of visions, skills, and other qualities relating to technology innovation.

– The Innovative Technology Arrangements and Services Act will facilitate blockchain-based enterprises being recognized as such under the law, and as such will be the basis for the previous two bills to operate.

The idea of the three new bills is to clarify for investors exactly what is required under Maltese Law before setting up a cryptocurrency business or exchange in the country.

Malta hosts the Binance 2018 conference at the beginning of November. The summit expects 4,000 delegates with Prime Minister Muscat as keynote speaker.

 

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