Malta has officially passed three bills into law to legalize cryptocurrency businesses in the country, claiming to make it the world’s first nation to provide legal certainty to the cryptocurrency field, according to Bitcoinist.
The bills passed their fourth and final reading on 4 July and as Bitcoin News reported recently, the bills are aimed at further regulation of cryptocurrencies. The three bills fall into three categories as follows:
-ICOs will now need to publish a white paper with fully transparent financial history details of the issuer for each new project needing funding through the Virtual Financial Assets Act.
-An industry-specific body will be sent up in order to support the deployment of the Malta Digital Innovation Authority Act which will promote the development of visions, skills, and other qualities relating to technology innovation.
– The Innovative Technology Arrangements and Services Act will facilitate blockchain-based enterprises being recognized as such under the law, and as such will be the basis for the previous two bills to operate.
New exchanges now know exactly what government requirements are before setting up a cryptocurrency business or exchange in Malta. Silvio Schembri, Malta’s Junior Minister for Financial Services, commented that companies can now operate in a fully regulated environment, which should attract more investment to the country’s already burgeoning cryptocurrency space.
Poland’s largest cryptocurrency exchange Bitpay announced this year that it was suspending its activities there. Due to lack of cooperation from Polish banks, the exchange announced that its BitBay operations were moving to Malta. Another coup for the country was the announcement that Binance had successfully opened a bank account there and would be operating from September 2018.
Malta has become increasingly appealing to Bitcoin companies conducting business there due to the island’s positive spin on blockchain technology and its open-minded approach to regulation, linked to a strong economy. It also boasts the largest cryptocurrency trading volume in the world, according to Morgan Stanley. With this new legal-certainty status for cryptocurrencies, the country’s claim as another European “crypto haven” to rival Switzerland may be well founded.
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