Category Archives: Malta Digital Innovation Bill

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Malta Still on Course for “Bitcoin Island”

Malta Still on Course for _Bitcoin Island_

The Maltese government has refuted criticism by the country’s opposition Nationalist Party (PN) leader’s comments that the government has been silenced by the fall in cryptocurrency markets over the past year.

PN leader Adrian Delia recently spoke out against the government suggesting that the current market had caused both silence and inaction following prime minister Muscat’s calls to create a blockchain island and make Malta a beacon for global cryptocurrency.

The Parliamentary Secretariat for Financial Services, Digital Economy and Innovation has hit back suggesting that numerous measures had been taken in the cryptocurrency sector and hinted at even more protection for cryptocurrencies moving forward.

The government also maintained that over the past weeks, a Cyber Security Steering Committee had been launched to make the public aware of fraudulent activity while continuing to promote new technologies such as new industries such as that of AI, e-sports, video-gaming and politics on space.

The Parliamentary Secretariat, the body responsible for the cryptocurrency sector, has maintained the focus is on creating an enabling environment for all stakeholders in the market to thrive.

Both Binance and OKEx signed agreements with the Maltese Stock Exchange (MSX) to create regulated security token exchange platforms in 2018, illustrating the popularity of Malta as a European blockchain and crypto hub. At the end of 2018, Malta’s Parliamentary Secretary Silvio Schembri announced at Delta Summit 2018 that Malta wants to be leading the cryptocurrency race, not the last one in.

With three highly significant bills at their second reading in the Maltese Parliament, Malta is pushing towards being the first country to bring into law every regulation necessary to fully support the cryptocurrency industry. The current proposed legislation, the Malta Digital Innovation Bill, the Virtual Financial Assets Bill, and the Innovation Technological Arrangements Services Bill are major steps along that route.

 

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“Malta Prefers to Be the First” in Crypto Race

Malta’s Parliamentary Secretary Silvio Schembri has announced at this week’s Delta Summit 2018 that Malta wants to be leading the cryptocurrency race, not the last one in.

With three highly significant bills at their second reading in the Maltese Parliament, Malta is pushing towards being the first country to bring into law every regulation necessary to fully support the cryptocurrency industry. The current proposed legislation, the Malta Digital Innovation Bill, the Virtual Financial Assets Bill, and the Innovation Technological Arrangements Services Bill are major steps along that route.

It is no accident that the Delta Summit 2018 currently being held in that country has been chosen for this particular time, with Malta positioning itself once again as a world leader in embracing every aspect of new technology as part of its fintech portfolio.  Schembri, speaking of what he expected from the summit when it was first announced back in June of this year, commented:

“Malta will firmly establish itself as the innovator and as the ideal space for companies that operate within this space to operate from here. The Delta Summit will celebrate DLT technology, the legal platform Malta’s government is providing.”

Speaking yesterday at the conference, Schembri said that he saw the University of Malta as playing a pivotal role in the government’s plans to become a world leader in the industry, suggesting that by becoming the home of the first blockchain scholarship for students, Malta can fast become the center of the global blockchain revolution. The comments were very much in line with those he made recently when advocating the island’s proposal to become the world leader rather than just another player in blockchain development:

“Malta will be the epicenter of the Blockchain industry. I invite stakeholders, operators within this space, investors, entrepreneurs, and innovators to be part of yet another exciting chapter for Malta and be part of the Blockchain Island.”

The Delta Summit comes just a week after the Prime Minister of Malta, Joseph Muscat, gave a speech to the United Nation’s General Assembly remarking that cryptocurrencies are the “inevitable future of money”.

 

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