Three crypto bills have been passed by the Maltese parliament through their second reading. This further cements the tiny Mediterranean islands ambition to become the “Bitcoin (available on Coinbase) continent of Europe”.

The announcement was made by the Parliamentary Secretary for Digital Innovation Silvio Schembri at the Malta Institute of Management Cryptocurrency Considerations for Management Conference. The conference was held at the Radisson Blu hotel in St. Julian and saw speakers across different sectors of the cryptocurrency and blockchain sphere. 

The Three Crypto Bills

The approved bills will provide a clear legal framework for the necessities of setting up a legitimate cryptocurrency or blockchain-focused business in Malta. The island hopes this will help to secure it as a positive jurisdiction for crypto business and therefore put it on top of the list for investors and company owners.

The three bills are:

The Virtual Financial Assets Act

This act deals with the regulation of ICOs and states that projects funded via an ICO must publish White Papers. 

The Malta Digital Innovation Authority Act

This act regards an industry-specific governing body that will be set up to protect and help manage businesses.

The Innovative Technology Arrangements and Services Act

This bill concerns the regulation of designated innovative technology arrangements.