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On 4. July has been adopted by the Parliament of Malta, a statutory framework for the regulation of Blockchain technology, which Malta is one of the ‘Blockchain-friendly’ countries in the world.
Cointelegraph has asked Simon Schembri to the interview, a Partner at Ganado Advocates is a leading Maltese law firms that was involved in the design of the draft law, in order to learn what this means for the country, investors and the future.
Like all
began “It started a few years ago, as in the case of smaller companies of the country, a certain momentum to the theme developed and then the Whole has increased since June of last year, suddenly, after the current government was re-elected.”
“The intention was to make Malta the centre for the Blockchain, and thereby attract a variety of investors for the country. And I think the objective of the legislation has now caught the interest of. As a firm, we have been flooded almost with requests and are currently working on some transactions. We assume that this Trend will continue and even increase as soon as the laws come into force.“
Silvio Schembri, Junior Minister for financial services, Digital economy & Innovation
“Malta is the first country in the world, has created the light of clarity in this area.”
Why do companies in Malta as the location into consideration
“should We do things differently than other regions, and don’t concentrate solely on ICOs and financial assets. We have created a comprehensive legal framework for DLTs (Distributed Ledger technology), and Blockchain, which also ICOs, crypto-systems, oversight regulations, trade, monetary providers, traps, etc.“
“The DLT developers, the basic structure of the opportunity to come to Malta, and to register to volunteer — if you want — or your DLT Framework licensed or certified by our new innovation building authority, the Malta Digital Innovation Authority. This gives the DLT Framework, in turn, a certain degree of legitimacy. Everyone knows that one of the main problems with regard to the crypto — industry — cooperation with banks. If one DLT, however, Frameworks, Blockchain and crypto-currencies can be regulated in any way, then there is the matter automatically have legitimacy. It is important to note that we do not want to regulate Maltese with a heavy Hand. It was introduced in a three-piece act based on clear principles, and not overly strict.“
OKEx managing Director Chris Lee:
“We are pleased with the government of Malta to cooperate, because she thinks progressively, and many of our the value of sharing ideas: it is Particularly important for the protection of investors and the General Public are in accordance with money laundering laws and Know-Your-customer Standards, as well as the ongoing Innovation and importance in the further development of the Blockchain Ecosystem.”
Many crypto companies, their companies have relocated already to Malta, including Binance, OKEx, Tron, etc. On the 12. July Binance has not given up his plans known on the island as a ‘Blockchain-based Bank’ for investors of digital Tokens.
About the plans for a national crypto-currency
“at The present time, there is no fixed Agenda of the Maltese government. Of all thing, we are aware that other countries take this into consideration and have been taken steps. So it would be no Surprise if it would come to this.“
About the Ecosystem for crypto-currencies
“As previously mentioned, the legal frameworks are designed to create a comprehensive law for all areas, including virtual financial assets. The aim of the Supervisory authority – in this case, the financial Supervisory authority of Malta — it is to determine guidelines for the creation of a White Paper (publication sheet for ICOs). So it will perform for company at the same time easier Initial Coin Offerings.“
further initiatives
“The Momentum is now in Malta: There are a variety of operations, which are initiated by the government or the private sector. For example, we as a law firm the other day had a conference to the three laws. We are always very active in events held by various organizations. In October there are in Malta three important Events, which are offered not only for the Maltese Public, but also many international guests will attract those who want to experience what Malta has in this regard.“
“We are come now into the field of view, simply because we are the first Nation, the aims, the whole DLT to regulate the field completely and we have to move a variety of important market actors are moving to Malta.”
Why other governments of the Blockchain-sector
“should promote the I can understand that there are sceptics of crypto, the reality. Our government — I do not need to point out that this is the only Maltese government, but the Opposition — I mean Malta as a Whole, has affirmed this development. The mere fact that the law has been adopted, draft, unanimously, in Parliament, something not commonplace in Malta, gives an impression of how Malta has identified in its entirety at this as a way of the future. Even in the most serious investors in the crypto field have to understand that any type of regulation is necessary. I’m going to assume that what we are is taken up fool soon by other countries.“
The interview was edited and condensed.
