Malta Set to Approve Three Cryptocurrency Laws This Week

Jul 05, 2018 at 21:59

Malta, an archipelagic country in Europe is keen on becoming known as the world’s friendliest jurisdiction for cryptocurrency firms as its prime minister revealed that three crypto-related laws are on their way.

The country’s prime minister, Joseph Muscat noted that the parliament will approve three cryptocurrency bills designed to encourage the use of blockchain technology. He claimed that the proposals are set to pass the third and final reading to be a fully effective law within the week.

“This is the last stage of the legislation that will put Malta on the international map for blockchain and crypto regulation. There is political consensus on this roadmap and we are foreseeing that this area will be the mainstay of our economic growth for the next 4 to 5 years,” Malta’s parliamentary secretary for digital innovation and finance, Silvio Schembri stated in an interview.

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It can be recalled that last week, the Maltese Parliament passed the second reading of three bills covering the regulation of initial coin offerings, guidelines for cryptocurrency exchange operations in the country as well as a law to improve regulations for digital currency and the blockchain network.

Malta expressed before about its intention to become a “blockchain island” with a national strategy released as early as May 2017.

Earlier this year, Binance and OKEx, two of the world’s largest cryptocurrency exchange has established their presence in the island.