Malta Passes Blockchain Bills to Establish Framework for Blockchain Technology

Malta Passes Blockchain Bills to Establish Framework for Blockchain Technology  Malta’s Parliament passed three bills today in order to establish a regulatory framework for blockchain technology as reported by local news outlet Malta today on July 4.  The junior minister for financial services, Silvio Schembri, stated that the island nation is a pioneer in providing legal framework or future blockchain companies. This is the first world jurisdiction to provide legal certainty within this space. The move taken by Malta’s Parliament would put investor minds at ease as companies now have the necessary legal tools to operate in a regulated environment. The government now offers a stable system which will result in further economic growth for blockchain companies. Numerous blockchain and cryptocurrency businesses have already moved to Malta, as the country has taken many regulatory steps become the “blockchain island”.  Many cryptocurrency exchanges, including Binance, BitBay, and OKex have set up operations in Malta due to their blockchain development and cryptocurrency friendly space. The Malta gaming authority also issued a document of guidelines on blockchain and cryptocurrency applications within the gaming industry. The goal of the group is to apply standards to games that use cryptocurrency in blockchain technology. The government of Malta announced that they would soon be developing a project in which the use of blockchain technology would be used for recording academic certificates and diplomas.

Malta’s Parliament passed three bills today in order to establish a regulatory framework for blockchain technology as reported by local news outlet Malta today on July 4.

The junior minister for financial services, Silvio Schembri, stated that the island nation is a pioneer in providing legal framework or future blockchain companies. This is the first world jurisdiction to provide legal certainty within this space.

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The move taken by Malta’s Parliament would put investor minds at ease as companies now have the necessary legal tools to operate in a regulated environment. The government now offers a stable system which will result in further economic growth for blockchain companies.

Numerous blockchain and cryptocurrency businesses have already moved to Malta, as the country has taken many regulatory steps become the “blockchain island”.  Many cryptocurrency exchanges, including Binance, BitBay, and OKex have set up operations in Malta due to their blockchain development and cryptocurrency friendly space.

The Malta gaming authority also issued a document of guidelines on blockchain and cryptocurrency applications within the gaming industry. The goal of the group is to apply standards to games that use cryptocurrency in blockchain technology.

The government of Malta announced that they would soon be developing a project in which the use of blockchain technology would be used for recording academic certificates and diplomas.

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