Maltese Parliament Passes Pro-Blockchain Laws, Establishing Malta as "Blockchain Island"

The Maltese Parliament passed a series of pro-blockchain bills into law, heralding the launch of a new concrete legal framework for blockchain industry within the island nation.

The new bills-turned-law specify the regulation of initial coin offerings and cryptocurrencies in Malta and clearly outlines the launching process of crypto-related businesses, establishing the country as a highly attractive location for blockchain enterprise.

The three bills passed into law are linked to the manner in which ICOs are registered and operated, the way crypto-assets and blockchain platforms are regulated, and the registration of exchange platforms within Malta.

Notably, individuals seeking to launch ICOs in Malta will be expected to make public their financial history.

The Malta Digital Innovation Authority Act will see regulatory procedures for both cryptocurrencies and the blockchain industry formalized.

The first CEO of the Malta Digital Innovation Authority was confirmed by the Times of Malta as Stephen McCarthy, who most recently served as the CEO of the Housing Authority.

The comprehensive set of blockchain laws sets a precedent for other pro-blockchain nations, establishing a new international standard for forward-leaning governance.

Malta's positive regulatory stance toward blockchain technology has already seen several large-scale crypto platforms move to the Mediterranean island.

Cryptocurrency exchange juggernaut Binance announced that the platform will move to Malta in March 2018 and was swiftly followed by OKEx.

"We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech."