Malta introduced regulation of the blockchain industry
The island state has adopted three basic regulations designed to regulate the blockchain industry of Malta. Documents approved by the parliament of the country. According to Silvio Schembri, Secretary for Finance, Digital Economy and Innovation, the state introduced the first legal jurisdiction that officially operates with virtual currency. This was reported by the specialized publication Anycoin.
In particular, the Government of Malta has created three acts to regulate this segment of the economy. The Malta Cryptocurrency Law provides for the use of the following standards for conducting financial transactions:
• Digital Innovation Authority Act - Digital Innovation Management Act;
• Innovative Technological Arrangement and Services Act - Law on the Evaluation of Technological Solutions and Services;
• Innovative Technological Arrangement and Services Act - Act on Virtual Financial Assets.
In Malta, the cryptocurrency is one of the leading directions of economic development. The country presented for the first time in the history of the existence of virtual currencies a legal basis for using technological schemes of a distributed registry. Such measures have been taken to attract cryptocurrency investors to the market, who are confident that there is a legal basis for performing blockchain-based operations and creating companies for trading and exchange on this basis, making other virtual payments with a legally agreed basis for doing business legally.