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, the US, 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.”
Parliament has officially passed three 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, and others.
This three-part system offers legal certainty, that will protect consumers, safeguard investors and will allow for more transparency while not stifling innovation. The CoinDesk survey is already demonstrating that Malta 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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