During a conference organised by the Malta Institute of Management, Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri, announced that the three crypto-related bills, namely the Malta Digital Innovation Authority Bill, the Innovation Technological Arrangements and Services Bill, and the Virtual Financial Assets Bill will pass through the second reading in Parliament, and in fact yesterday evening the Maltese Parliament finalised the second reading stage. The bills will now move on to the committee stage and then on to the third reading stage. Once the third reading in parliament is concluded the bills will then be presented to the President of Malta for her assent and become law.
Furthermore, the government announced that Mr. Stephen McCarthy is to become the first chief executive officer of the Malta Digital innovation Authority.
Schembri said that “the emergence of cryptocurrencies is here to stay and as a government we are anticipating the changes that cryptocurrencies may bring about in our daily lives”. He continued to state that the Malta Financial Services Authority (hereinafter “the Authority”) has been actively involved in issuing public consultations whilst also ensuring that investors are well protected and that the Maltese financial market remains stable. Indeed, the Authority will soon be issuing rules and regulations for cryptocurrencies and ICOs.
At the same time, the Authority has just launched the process for registration of VFA agents under the proposed Virtual Financial Assets Act which will be set in motion around the end of July 2018.
The introduction of these three bills, together with the proactive approach taken by the Authority in addressing ancillary crypto services, will provide clarity for those who are willing to invest and set up a lawful cryptocurrency business on our island. Malta is proving itself to be a leader in this sector by introducing a solid legal framework and by attracting cryptocurrency business to relocate and set up their offices in Malta.
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