Malta, which is known for its progressive views on digital assets, is working on establishing regulatory framework for cryptocurrencies and ICOs. The Cabinet of Malta has already approved 3 pieces of crypto-related legislation, and now the bills will be debated by the House of Parliament.
New legislation is supported by Silvio Schembri, Parliamentary Secretary for Financial Services, Digital Economy, and Innovation. He explained that new regulations are designed to benefit the industry:
“Once new laws surrounding blockchain technology and cryptocurrency are enacted in Malta, banks would be less reluctant to welcome companies working in the industry, presumably due to the legal certainty it would provide.”
According to Schembri, the main aim of regulation is to ensure investor’s safety and to “provide market integrity and financial soundness.”
Malta is quickly becoming an international crypto hub. Morgan Stanley strategist Sheena Shah stated that the biggest cryptocurrency-trading companies are legally registered in Malta.
Virtual Financial Assets Bill, which is one of three pieces of legislation soon to be debated in the House of Parlament, is supported by many businesses. Mamo TCV Advocates law firm wrote:
“The proposed bill will further strengthen Malta’s position on the DLT front and solidify its reputation as a blockchain island.”
The world’s biggest crypto exchange Binance has recently announced its re-location to Malta.