[2018-04-26] Malta’s Cabinet Approves Cryptocurrency Bill

[FollowSynergy]

The Cabinet of Malta has approved three bills related to cryptocurrency and blockchain technology. One bill in particular, the Virtual Financial Assets Bill, provides a regulatory framework for cryptocurrencies and initial coin offerings.

Crypto Bill Approved by Cabinet

The Cabinet of Malta approved three bills on Tuesday, one of which is the Virtual Financial Assets Bill that provides the regulatory framework for cryptocurrencies and initial coin offerings (ICOs), according to local media. The other two bills are the Malta Digital Innovation Authority Bill and the Technology Arrangements and Services Bill.

All three were also presented to the Parliament of Malta for its first reading on Tuesday. The next stage is a debate between both sides of the House before they are passed into law, the Malta Independent explained. The news outlet noted that Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri, “strongly believes” that:

Once new laws surrounding blockchain technology and cryptocurrency are enacted in Malta, banks would be less reluctant to welcome companies working in the industry, presumably due to the legal certainty it would provide.

He was also quoted by Malta Winds, saying, “As a government, we think that by regulating this market, it will ensure that the three main principles of financial regulation are adhered to and will be a market that protects the investor and provides market integrity and financial soundness.”

Full article: https://news.bitcoin.com/maltas-cabinet-approves-cryptocurrency-bill/

[1714119419]

1714119419

[1714119419]

1714119419

[Harlot]

I hope that this three bills will pass on both house because if they don't it would just be left as a bill only. And judging by how it goes where the bill was proposed by the cabinet I think that it has a small chance of having no revisions on both houses, it will also depend on where this politicians have allegiances too. If this country wants to move forward with cryptocurrencies they must set aside on their differences on work together to create these bills as laws. If they are successful it would add weight in influencing other European countries to have some sort of regulation regarding cryptocurrencies.

[darkangel11]

They want to become the leading country for crypto innovations in Europe and their prime minister is a huge supporter of BTC. They have the means for that because the country isn't big, but it's official language is English, which is rare within the EU borders, and it's a popular tourist destination. If cryptocurrencies become huge they will be the go to spot for every crypto enthusiast willing to spend some coins. Great move.

[CryptoBry]

As the new home and headquarter of Binance, I am sure that Malta is now posed to be a major force for cryptocurrency and they can certainly develop the same nation as a big hub for this industry. With a very supportive government and eager people, this can mean a lot to all of us who are into cryptocurrency everywhere. We are now moving into the next phase of cryptocurrency evolution where legalities are slowly being addressed and tacked head-on. I am expressing my gratitude to Malta, its government and people for accepting and encouraging cryptocurrency development.

[cetald]

Every day I meet more and more blockchain-projects, which are registered in the jurisdiction of Malta.
Malta chose the right direction of development. I think many countries will then bite their elbows, that they did not go this way.

[Kemarit]

I hope that this three bills will pass on both house because if they don't it would just be left as a bill only. And judging by how it goes where the bill was proposed by the cabinet I think that it has a small chance of having no revisions on both houses, it will also depend on where this politicians have allegiances too. If this country wants to move forward with cryptocurrencies they must set aside on their differences on work together to create these bills as laws. If they are successful it would add weight in influencing other European countries to have some sort of regulation regarding cryptocurrencies.

I'm sure that it will pass with minor resistance from both houses. Remember, 2 of the biggest trading exchanges (Binance and OKex)has choosen Malta to be their safe haven. Rejecting this bill will send a bad signal for other company and projects because Malta is trying to be the number crypto friendly country that you can find. So I have no doubt that it will discuss by both houses for formality before making it official.

[gabbie2010]

When those bills are eventually passed by the houses it will bring Malta as one of the leading pacesetter in the area of Cryptos in the whole of Europe more so additional income will be generated  for the government from tax impose on exchanges and other Cryptos related businesses.

[MoonJeina]

That is a great news . Malta might become one of those countries which took the intelligent move of introducing crypto currency and blockchain in their country . I think it is much needed for developing countries and they need to accept it for their own benefit . I hope the bill gets passed and executes as soon as possible because we don't know when some political mayhem manipulates such amazing decision taken by their country .  Now we may witness more participation in different platforms of crypto currencies by people of Malta.

[entrepmind23]

I'm glad to know that more countries are regulating cryptocurrencies to protect its citizens getting scammed by those people who are taking advantage of the situation being unregulated. This would remove the uncertainty of some businesses adopting cryptocurrency since they know that the government has already a responsibility when it comes to issues regarding cryptocurrency. Some citizens who are skeptic at first would be encourage to use cryptocurrency too because they know it is already legal.

I hope in the future other countries would just regulate crypto instead of banning it because there would always be people who are willing to pay their share of the taxes than hiding and using VPN just to invest and earn crypto and the government lose more funds.

[SaintGraal]

Every day I meet more and more blockchain-projects, which are registered in the jurisdiction of Malta.
Malta chose the right direction of development. I think many countries will then bite their elbows, that they did not go this way.

Totally agree, even in the short term, the arrival of cryptocurrency companies brings jobs and the economic activity they spur.

[Rustamm]

As far as I remember, Malta before that was one of the offshore zones where there was a relative freedom of financial relations. Now the government of Malta wants to make the same free relations in its country and in the crypto currency. This is a very reasonable step. In such islands of freedom, decentralized exchanges and exchangers will continue to exist that will not be subject to the general rules of the united states who want all exchanges and exchangers to identify their customers and provide relevant information to the tax authorities of the requesting state.

[ershovspa]

They want to become the leading country for crypto innovations in Europe and their prime minister is a huge supporter of BTC. They have the means for that because the country isn't big, but it's official language is English, which is rare within the EU borders, and it's a popular tourist destination. If cryptocurrencies become huge they will be the go to spot for every crypto enthusiast willing to spend some coins. Great move.

Exactly my thoughts.
Their economy is very dependent on tourism because they have no industry.
Attracting rich crypto tourist will be a very smart thing to do.
And of course being first gets the most visitors.