Malta approves regulation laws for cryptocurrencies
The Congress of the Mediterranean island approved three projects for the blockchain sector and virtual currencies
The Malta Congress approved this week three bills that will be in charge of regulating the blockchain space and that of cryptocurrencies.
This approval was announced by the country’s prime minister, Joseph Muscat, who indicated that the decision was unanimous for the proposed Digital Innovation Law, the Law of Arrangements and Services of Innovative Technology and the Law of Virtual Financial Assets.
Also Silvio Schembri, Parliamentary Secretary for Digital Innovation and Finance of Malta, confirmed the news through his personal social networks.
With this regulation, Malta becomes the first jurisdiction to provide a law for the blockchain world.
Each law will regulate a specific aspect of this sector. Digital Innovation will allow the creation of Malta Digital Innovation Authority (MDIA) who will be in charge of being up to date with technological innovation.
The Law of Arrangements and Services of Innovative Technology, will be in charge of establishing the regulations required by the MDIA to be able to operate with cryptocurrencies.
Finally, the Law of Virtual Financial Assets, will establish the regulatory regime of the market in order to comply with the fundamental principles of financial regulation, protect the investor and provide integrity and financial solidity.
K. Tovar
Source: Coincrispy
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