Malta becomes the blockchain island after the Parliament passes three Bills that create a regulatory framework for blockchain technology
The new legislative framework proposes:
- the creation of a new Digital Innovation Authority,
- the voluntary registration of Technology Service Providers and
- the certification of distributed ledger technology (DLT) Platforms and related smart contracts such as Technology Arrangements.
The framework also includes a regime, developed by the Malta Financial Services Authority (MFSA), for the approval of ICOs (Initial Coin offers) and the regulation of certain service providers dealing in VCs (Virtual Currencies) including brokers, exchanges, wallet providers, asset managers, investment advisors and market makers.