Malta moves closer to being the first with blockchain legislation

The end of a three-week consultation period is set to see the presentation of three bills in parliament which would push Malta a step closer to becoming the first country with blockchain legislation.

These bills are set to be the MDIA bill, which will provide for the establishment of the Malta Digital Innovation Authority, the TAS bill which will set out the regime for the registration of Technology service providers and the certification of ‘technology arrangements’ and the VC bill which will set out a framework for initial coin offerings and the regulatory regime on the provision of services relates to virtual currencies.

Speaking at the launch of the public consultation process Financial Services Parliamentary Secretary Silvio Schembri stated that the consultation process included extensive consultation with all regulatory authorities including MITA, the MFSA, the MGA and the Central Bank. Schembri further stated that there was interest from the global industry including operators in the United States, Europe and Asia.