Published: April 28, 2018

Malta's Cabinet Approves three Cryptocurrency Bill

It’s been for quite a long time that Malta is in the headlines and all for the good reasons.  The country has been known as the online gambling hub in Europe for a few years now. Due to this reason, iGaming developers prefer to function and let their businesses flourish in the country. The country’s authorities have approved to three bills which will make the island country to be the first in the crypto world.

Online gambling hub of Europe Malta, which is always seeking for various ways to develop the iGaming industry and offer more opportunities for development to its licensees. It was the last days of February, that Financial Services Parliamentary Secretary Silvio Schembri said that the country is well on its way to becoming the first jurisdiction to have its own blockchain legislation, helping regulate the field and provide fair conditions for development for all.

The Cabinet of Malta approved three bills this week, 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.

It was confirmed that three bills are going to be the piece of a subject of public consultation in the coming three weeks. The mentioned will be presented to the parliament as the further steps of the discussion. The approval of the bills will make Malta pioneering country that has taken the step to regulate cryptocurrency sector and ensure protection to the entities that utilize digital currencies.

Its been announced officially that the authorities of the island nation have approved three bills and this will bring about a phenomenal change for the blockchain sector in the country.

It was on April 26, 2018, Neufund, Blockchain-based equity fundraising platform announced its plans to support Maltese initiatives to develop an ecosystem on the island country and accelerate the technology’s adoption in the banking industry. Neufund enables companies and traders to raise funds and tokenize shares of their business on the blockchain.

recently BC Focus reported, Schembri made an important announcement about Blockchain development in Malta. Poseidon Foundation, a blockchain platform has established their roots in Malta making the country a crypto-friendly nation.

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