Malta Approves Three New Bills to provide regulation to crypto market

[avikz]

Malta moves three steps closer to provide a framework for crypto related businesses and associated peoples by approving three new bills in the cabinet on April 26, 2018.

1. Virtual Financial Assets Bill
2. Technology Arrangements and Services Bill
3. Malta Digital Innovation Authority Bill

The news was first published by a news agency called Malta Independent. They published that, Mr. Silvio Schembri, who is the Parliamentary Secretary for Financial Services, Digital Economy, and Innovation, stated that, "After the laws regarding blockchain, cryptos, and ICOs in Malta are enacted, the banks would become more open to working with companies that deal in cryptos because the industry will have transparency and legal certainty".

I strongly believe that Malta is pumping in some fresh new air into the crypto currency market for good. Even though the details of these bills are not yet available in the internet yet, but I believe it will provide the much needed oxygen in to the crypto market and bring back the credibility in ICOs operating from Malta. Good news indeed!

News source: https://cryptocoin.news/news/altcoin/malta-approves-the-new-digital-currency-bill-11686/

Let us know your view on this!

[1714913634]

1714913634

[1714913634]

1714913634

[1714913634]

1714913634

[1714913634]

1714913634

[1714913634]

1714913634

[1714913634]

1714913634

[Don Pedro Dinero]

I welcome this regulation, as well as all regulations in general because mass adoption will come with them. The alternative is a ban. Bitcoins and criptos are becoming increasingly important and governments aren’t going to leave them unregulated and unbanned.

Let’s hope that it is a rational regulation that helps the business, instead of killing it but I think in this case it will be a good one.

[darkangel11]

Great news. Have you noticed that there are 2 types of regulations. In some countries people who try to regulate cryptos see it as a threat, or that annoying thing nobody understands that has to be dealt with. You can see a lot of this attitude in the NY bitlicense. At the same time in some countries the regulation is being done by enthusiasts who truly want to embrace cryptocurrencies and that is being done in Malta. It's such a small country that for many years wasn't anything but a nice spot for vacation, but then it became a center for EU gambling businesses and now it may also become the go-to place to spend your cryptos.

[squatter]

Mr. Silvio Schembri, who is the Parliamentary Secretary for Financial Services, Digital Economy, and Innovation, stated that, "After the laws regarding blockchain, cryptos, and ICOs in Malta are enacted, the banks would become more open to working with companies that deal in cryptos because the industry will have transparency and legal certainty".

I'm not sure that's true, at least with regard to the USA. For instance, Pokerstars and Full Tilt Poker held licenses in Malta before they were taken offline by the US government in 2011. At the time, both sites apparently had so few US banking options that they were both funneling all cashouts through one bank (SunTrust). As it turned out, SunTrust was engaging in fraud to hide the source of the funds.

I strongly believe that Malta is pumping in some fresh new air into the crypto currency market for good. Even though the details of these bills are not yet available in the internet yet, but I believe it will provide the much needed oxygen in to the crypto market and bring back the credibility in ICOs operating from Malta. Good news indeed!

I welcome the news, but I wouldn't get my hopes up. Malta (along with the Isle of Man) entered the online poker industry for the same reasons, but it only did so much.

[avikz]

Great news. Have you noticed that there are 2 types of regulations. In some countries people who try to regulate cryptos see it as a threat, or that annoying thing nobody understands that has to be dealt with. You can see a lot of this attitude in the NY bitlicense. At the same time in some countries the regulation is being done by enthusiasts who truly want to embrace cryptocurrencies and that is being done in Malta. It's such a small country that for many years wasn't anything but a nice spot for vacation, but then it became a center for EU gambling businesses and now it may also become the go-to place to spend your cryptos.

Right! Mostly big economies of the world are opposing the crypto business where the smaller economies are actually seeing it as an opportunity for them to increase their GDP. Small countries like Malta can't do much in terms of production industry because of unavailability of land and workable manpower, so they are relying on the small businesses which don't require major resources and at the same time, can bring in significant number of investment. That is the reason why Malta became one of the major gambling hub of EU. Probably that is the reason why they are now focusing on cryptos.

[Kemarit]

Great news. Have you noticed that there are 2 types of regulations. In some countries people who try to regulate cryptos see it as a threat, or that annoying thing nobody understands that has to be dealt with. You can see a lot of this attitude in the NY bitlicense. At the same time in some countries the regulation is being done by enthusiasts who truly want to embrace cryptocurrencies and that is being done in Malta. It's such a small country that for many years wasn't anything but a nice spot for vacation, but then it became a center for EU gambling businesses and now it may also become the go-to place to spend your cryptos.

Right! Mostly big economies of the world are opposing the crypto business where the smaller economies are actually seeing it as an opportunity for them to increase their GDP. Small countries like Malta can't do much in terms of production industry because of unavailability of land and workable manpower, so they are relying on the small businesses which don't require major resources and at the same time, can bring in significant number of investment. That is the reason why Malta became one of the major gambling hub of EU. Probably that is the reason why they are now focusing on cryptos.

Exactly. Small countries has really a lot to gain from crypto's and they are taking advantage of the situation. Like what the Baltics states are doing right now: (https://news.bitcoin.com/bitcoin-payments-are-on-the-rise-in-the-baltics/). As for Malta, this is really a very good move from them. They are slowly gaining the reputation as the crypto gaming capital of the world. And with this bill, they will have a strong foothold on the crypto gaming industry and I'm sure that gaming operators will put their headquarters in Malta because of crypto friendly bills.

[USDOLLAR]

Amazing news is Malta approves three new bills to provide regulation to crypto market.Fresh air is blowing in the crypto market. They are taking advantage of the current situation. I believe that all other countries will do the same in coming months.

[Proton2233]

I hope that will give impetus to the development of cryptocurrency and business associated with it. But I don't see any practical results yet. After unsuccessful attempts to get registered in Japan, the exchange Binance received registration in Malta. They said it would allow deposits and withdrawals of Fiat. But so far this has not happened.

[uchihadesendent]

I actually like these regulations they've set

[centive]

Great news and update indeed for the crypto ecosystem, but judging by the nature of Malta being in the EU and laws regarding cryptomarket are still pre-mature, alot of drastic changes may occur in the next decade. But for sure it is a great stepping stone for the Crypto ecosystem that leads way to a decentralized future such as Estonia for example with their e-residency ID card to support this dynamic change.