The Maltese government has refuted criticism by the country’s opposition Nationalist Party (PN) leader’s comments that the government has been silenced by the fall in cryptocurrency markets over the past year.

PN leader Adrian Delia recently spoke out against the government suggesting that the current market had caused both silence and inaction following prime minister Muscat’s calls to create a blockchain island and make Malta a beacon for global cryptocurrency.

The Parliamentary Secretariat for Financial Services, Digital Economy and Innovation has hit back suggesting that numerous measures had been taken in the cryptocurrency sector and hinted at even more protection for cryptocurrencies moving forward.

The government also maintained that over the past weeks, a Cyber Security Steering Committee had been launched to make the public aware of fraudulent activity while continuing to promote new technologies such as new industries such as that of AI, e-sports, video-gaming and politics on space.

The Parliamentary Secretariat, the body responsible for the cryptocurrency sector, has maintained the focus is on creating an enabling environment for all stakeholders in the market to thrive.

Both Binance and OKEx signed agreements with the Maltese Stock Exchange (MSX) to create regulated security token exchange platforms in 2018, illustrating the popularity of Malta as a European blockchain and crypto hub. At the end of 2018, Malta’s Parliamentary Secretary Silvio Schembri announced at Delta Summit 2018 that Malta wants to be leading the cryptocurrency race, not the last one in.

With three highly significant bills at their second reading in the Maltese Parliament, Malta is pushing towards being the first country to bring into law every regulation necessary to fully support the cryptocurrency industry. The current proposed legislation, the Malta Digital Innovation Bill, the Virtual Financial Assets Bill, and the Innovation Technological Arrangements Services Bill are major steps along that route.

 

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