National Parliament of Malta started considering legislative acts on legalization of crypto industry on the island
At the end of June 2018, Silvio Shembri – the secretary of the working group on Digital Innovations in the National Parliament of Malta – announced that the authorities of Malta had started considering legislative acts on legalization of crypto industry on the island, news portal bitnovosti.com informed. Silvio Shembri specified that as many as three bills on cryptocurrencies and on the use of distributed ledger technology were discussed in the Parliament of Malta.
At the moment, Malta is one of the countries leading in the active development of a new branch of the modern economy named cryptoeconomics. The first noteworthy bill crypto industry is the Law on Virtual Financial Assets (VFA), which will regulate conducting an ICO.
It contains mandatory requirements needed for conducting the initial coin offering – for example, publication of so-called White Paper by the company. It contains the aspects of the list approved by the government. The law also requires that the financial reputation of the company conducting the ICO to be known to the public. The next law,
the Law on the Powers of the Department of Digital Innovations, declares the creation of a regulatory agency responsible for the introduction and promotion of digital innovations. And, finally, the bill on the relationship and services of innovative technologies, which is the legislative ground for the first two bills itself. It will legalize blockchain projects and digital assets on the island.