Malta Makes Its Move To Become “Blockchain Island”

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Malta has taken an important move to become a “Blockchain Island.”

On Tuesday it was declared by a Maltese Member of Parliament and the parliamentary secretary responsible for financial services, digital economy, and innovation that the island nation’s parliament has legislated three bills concerning cryptocurrencies, blockchain and distributed ledger technology (DLT) identifying it as one of the first jurisdictions in the world to legislate specific bill around the tech.

The person behind the tophree introduced bills to the parliament, Silvio Schembri, tweeted:

“Today Maltese Parliament unanimously approved 3 bills on DLT/blockchain, a 1st in the World. Honored to have driven these bills. Announced that Mr. Stephen McCarthy will be the CEO of the new #Malta Digital Innovation Authority. #BlockchainIsland -SS”

The three bills are as titled:
Number 43, “The Innovative Technology Arrangements and Services Act,”
Number 44, “The Virtual Financial Assets Act,”
And number 45, “The Malta Digital Innovation Authority Act.”

The bills, now legislated, are expected to support and guide the Maltese government on how to fully adopt blockchain and achieve its aim of becoming an international crypto business hub.

Stephen McCarthy, formerly CEO of the country’s Housing Authority, was also mentioned in Schembri’s tweet being appointed as chief executive of the new authority.

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