A lot of blockchain and crypto businesses have already located to Malta. One of the latest movement was that of Binance which took place few weeks ago. Apart from Binance, other exchanges like OKEX and BitBay also had their branch located in the small Island “Malta”.
The Island could be said to be gradually turning into a “blockchain Island” as it’s parliament recently passed three bills into law in order to establish a regulatory framework for blockchain technology. Malta’s local news outlet revealed yesterday that the bills that was passed into law as:
Malta digital innovation authority act, the innovative technological arrangement and services act, and finally, the virtual financial asset act.
Silvio Schembri, the junior minister for financial services described the Island nation as the Pioneer in providing a solid legal framework for blockchain companies as he tweeted about the passing of the bills today.
In his tweet, he said:
“The three Bills that will regulate distributed ledger technology (DLT) have been approved by Parliament and enacted into law. Malta , the first world jurisdiction to provide legal certainty to this space.”
One of the Maltese law firm agents, Dr. Jean-phillippe Chetcuti said that this will go a long way to improve on the countries economy confirming it as the only “blockchain Island” to have ever existed for now. He also said that, companies will feel more relaxed establishing new blockchain innovation or businesses in the small country.