At a time where a majority of countries have been imposing stricter laws on cryptocurrency trading and cryptocurrency firms, the Malta Government seems to make the most of it and is on its way to establishing itself as one of the world’s friendliest cryptocurrency jurisdiction.
In a press conference on Wednesday, July 4th, Joseph Muscat, the Prime Minister of Malta announced that parliament would heavily favour and approve as many as three cryptocurrency bills drafted to welcome the blockchain sector into the country. The Prime Minister of the Mediterranean island also went on to announce that the bills would pass the third and last reading on Wednesday’s evening session to become law.
In an interview with CCN, Silvio Schembri, the Parliamentary Secretary for Digital innovation and Finance, went on to say:
“This marks the final stage of the legislation that shall put Malta right up there on the international map for crypto and blockchain regulation. Regarding this roadmap, there is a political consensus and we are predicting that this sector will turn out to be the mainstay of our economic growth for the coming four or five years.”
Prior to the third reading, the Malta Government had passed the second reading of three bills just a week ago in which guidelines were covered.or cryptocurrency exchange operators seeking to establish a presence in Malta, regulation of initial coin offerings (ICOs) and the broader regulation of the blockchain and cryptocurrency sector.
The first time that the Malta Government showed ts intentions of transforming the country into a crypto-friendly ‘blockchain island’ was way back in May 2017 when the country went on to introduce a national strategy.
At that time Prime Minister Joseph Muscat had stated, “We must become the frontrunners in embracing bitcoin and blockchain…others must get inspired by us and try to replicate us.”
The news of Binance – the world’s largest cryptocurrency exchange deciding to shift its headquarters to Malta that was announced earlier in March along with the decision to establish its presence in Malta that was announced by OKEx, the second largest exchange by trading volume after Binance, proved to be a major success in Malta’s quest of becoming a crypto-friendly nation.
Additionally, Bitbay, Poland’s largest cryptocurrency suspended all its operations in Poland as the domestic banks denied any banking services to the crypto-exchange and announced that it would set up shop in Malta due to Malta’s “ friendly business environment and extremely productive interactions with the Malta government.”