The new Malta Digital Innovation Authority will certify blockchain platforms used by companies in the country. The authority will be responsible for verifying crypto transactions. The government of Malta plans to bring some peace of mind to businesses using distributed ledgers for cross-border payments.
Valletta’s authorities recognized that companies are using blockchain to cut out central authorities. This technology provides cheaper and more efficient money transfers. Due to the fact that blockchain platforms are not currently certified, the government of Malta decided to provide some “legal certainty and trust”. The government of Malta hopes that companies will benefit from the work of the new authority.
According to the Maltese news, the Parliamentary Secretary for the Digital Economy Silvio Schembri presented the new policy document at a press conference with various stakeholders. During this conference, secretary provided details on how authorities plan to implement regulations concerning the cryptocurrency sector in successive stages.
Firstly, the government will set up the Malta Digital Innovation Authority. After that, a draft will formalize the framework for ICOs. Finally, a third law will impose regulation on services directly related to cryptocurrencies.
According to Silvio Schembri, a Maltese politician currently serving as a Member of Parliament, one of the main goals is to promote policies which favor the development of Malta as a hub for new technologies. The aim is to foster innovation by creating a successful ecosystem. It will be achieved through the “utilization of cutting edge technology in useful business cases and the adherence to best practices”. Schembri also stated that the new Authority will protect Malta’s reputation taking into account its international commitments under anti-money laundering directives.