This event was declared by Parliamentary Secretary for Digital Innovation Silvio Schembri in his opening speech at the Malta Institute of Management Cryptocurrency Considerations for Management Conference. These laws are to enable Malta to be a crypto space of choice for investors and business owners who are interested in a favourable jurisdiction to establish their cryptocurrency or blockchain firm.
The Virtual Financial Assets Act (VFA)
This VFA is set up to controll initial coin offerings (ICO). The bill affirms that projects engaging funding through ICO have to issue White Papers. The order also demands that the issuer’s financial history must be made public.
The Malta Digital Innovation Authority Act (MDIA)
The MDIA claims that an industry-specific governing structure will be instituted. This authority will be accountable to support the development and adoption of the guiding principles described in this Act and to promote consistent principles for the development of visions, skills, and other qualities towarding technology innovation.
The Innovative Technology Arrangements and Services Act
This order is about the regulation of designated innovative technology arrangements. It will be the mechanism by which blockchain-built enterprises are estimated as such under the law, and as such will be the basis for the previous two bills to operate.
The implemention of these new bills provides an investor a transparent picture of the legal framework demanded to start a legitimate cryptocurrency business in Malta.