Malta Passes Trio of Bills as Part of 'Blockchain Island' Plan

Malta's parliament has passed three bills on crypto assets and blockchain, in a big step toward its plan to become a "Blockchain Island."

AccessTimeIconJun 27, 2018 at 2:45 p.m. UTC
Updated Sep 13, 2021 at 8:06 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Malta has taken a significant step toward becoming a "Blockchain Island."

Announced Tuesday by Silvio Schembri – a Maltese Member of Parliament and the parliamentary secretary responsible for financial services, digital economy and innovation – the island nation's parliament has passed three bills regarding cryptocurrencies, blockchain and distributed ledger technology (DLT) marking it as one of the first jurisdictions in the world to pass specific legislation around the tech.

Calling the news a "world first," Schembri, who introduced all three bills to parliament, tweeted:

screen-shot-2018-06-26-at-16-26-53

The three bills –numbered 43, 44, 45 – are titled "The Innovative Technology Arrangements and Services Act," "The Virtual Financial Assets Act," and "The Malta Digital Innovation Authority Act," respectively.

With the bills now passed, they are expected to help guide the Maltese government on how to better embrace blockchain and achieve its aim of becoming an international crypto business hub.

Bill 45, for example, will see the creation of the Malta Digital Innovation Authority, which will primarily be in charge of promoting and developing the blockchain industry in Malta, according to public documents.

The measures also provide for the regulation of initial coin offerings and set out the regulatory powers of the Digital Innovation Authority within the space.

In his tweet, Schembri also revealed that Stephen McCarthy – formerly CEO of the country's Housing Authority – has been appointed the chief executive of the new authority.

As CoinDesk has reported previously, this microstate's government is known for its friendly attitude toward blockchain technology, which has already drawn many crypto businesses – including big-name exchanges like Binance and OKEx – to set up shop in the country.

Valletta, Malta, image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.