Malta officials have opened up a public comment phase on three bills dealing with blockchain and cryptocurrency legislation.
Parliamentary Secretary Silvio Schembri said the bills are part of Malta’s goal to become a “world leader in economic innovation.”
One bill would create the Malta Digital Innovation Authority, which would act as a regulatory authority for blockchain innovations and for distributed ledger technologies. It is designed to “promote government policy that favors the development of Malta as a hub for new and innovative technologies.”
A second bill would facilitate the registration of technology service providers and the certification of “technology arrangements.” This will allow auditors and administrators of DLT technologies to become officially registered and will offer legally recognized certification for DLT platform management, officials said.
The last bill proposes a regulatory framework for the launching of initial coin offerings. The bill also provides infrastructure for the operations of virtual currency intermediaries, including exchanges and brokers, wallet providers, and investment advisors specializing in cryptocurrencies and digital assets.
The bills set out to provide regulation for three different kinds of DLT platforms—exclusively private platforms, private platforms designed for use by third parties, and public platforms such as Bitcoin.
As Silvio stated on Friday, “The purpose of these laws will be to provide legal certainty to a space that is currently unregulated,” Schembri said according to local reports.
