Lead­er­ship recog­ni­tion for Malta in crypto reg­u­la­tion by CoinDesk

Malta Independent - - BUSINESS -

Malta has been recog­nised as be­ing the leader in crypto reg­u­la­tion by in­ter­na­tional bit­coin pub­li­ca­tion CoinDesk, a lead­ing on­line news site spe­cial­is­ing in DLT and dig­i­tal cur­ren­cies. In the most re­cent quar­terly sen­ti­ment sur­vey, Malta was over­whelm­ingly voted as the ju­ris­dic­tion get­ting bit­coin reg­u­la­tion right ahead of Ja­pan, Switzer­land, USA, South Korea, Sin­ga­pore and the UK.

Com­ment­ing about the pos­i­tive recog­ni­tion by CoinDesk, Fi­nanceMalta Chair­man, Ken­neth Far­ru­gia said that,"Malta was quick to iden­tify the pos­si­bil­i­ties that cryp­tocur­ren­cies and blockchain tech­nol­ogy can of­fer, for that rea­son we were pi­o­neers in cre­at­ing an en­vi­ron­ment that would best at­tract and sup­port the de­vel­op­ment of the in­dus­try in Malta. This is an en­dorse­ment of the hard work and care­ful con­sid­er­a­tion that we put to this, as well as our de­ter­mi­na­tion to lead in this sec­tor, not only now but also as it evolves in the fu­ture."

The Mal­tese Par­lia­ment has of­fi­cially passed 3 bills into law, es­tab­lish­ing the first reg­u­la­tory frame­work for blockchain, cryp­tocur­rency and DLT (Dis­trib­uted Ledger Tech­nol­ogy). This makes Malta the first coun­try in the world to pro­vide an of­fi­cial set of reg­u­la­tions for op­er­a­tors in the blockchain, cryp­tocur­rency and DLT space.

Tak­ing a "tech­nol­ogy first" ap­proach, the reg­u­la­tory frame­work fo­cuses on in­ter­nal gov­er­nance and re­spon­si­bil­i­ties of the reg­u­la­tory Au­thor­ity to cer­tify plat­forms and pro­vide le­gal cer­tainty to users wish­ing to make use of a DLT plat­form.The sec­ond gives cer­tainty to those set­ting up ex­changes and com­pa­nies op­er­at­ing in the cryp­tocur­rency mar­ket and the third es­tab­lishes the reg­u­la­tory regime govern­ing prod­ucts such as ICOs, cryp­tocur­rency ex­changes, wal­let providers, etc.

This three part sys­tem of­fers le­gal cer­tainty, that will pro­tect con­sumers, safe­guard in­vestors and will al­low for more trans­parency whilst not sti­fling in­no­va­tion. The CoinDesk sur­vey is al­ready demon­strat­ing thatMalta is one of the most de­sir­able lo­ca­tions to set up a crypto busi­ness and ce­ment­ing Malta as a pi­o­neer in eco­nomic in­no­va­tion.

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