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Malta considers three drafts on cryptocurrencies

The parliament of the island state is currently reviewing three draft laws on cryptocurrencies and blockchain.

28.Jun.18 2:18 AM
By John M Jeffcoat


Malta considers three drafts on cryptocurrencies
Secretary of the working group of the National Parliament on Digital Innovation Silvio Schembri announced that the authorities of Malta have taken up the issue of legal acts on the legalization of the cryptocurrency industry on the island, news portal informs. From his words, it became clear that at the moment at the discussion in the state parliament there are as many as three draft laws on cryptocurrencies and the use of technology in the distributed registry.

Recall that Malta at the moment is one of the leading countries in the territory of which the new economic branch is actively developing - crypto economics.

The first bill, which deserves the attention of the cryptocurrency industry, is the Law on Virtual Financial Assets (VFA), which will regulate the conduct of the ICO. It contains mandatory requirements, under which it will be possible to conduct the initial placement of coins - this, for example, the publication of the company, the so-called White Paper. It lists the aspects of the list approved by the government. The law also requires that the financial reputation of the company conducting the ICO be known to the public.

The next law, the Law on the Powers of the Department of Digital Innovations (MDIA), declares the creation of a regulatory agency responsible for the introduction and promotion of digital innovations.

And, finally, the draft law on the relationship and services of innovative technologies, which in fact itself is the legislative ground for the first two bills. They will be legalized blockchain-projects and digital assets on the island.

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