The Maltese Government is receiving recommendations for an effective legal framework regulating blockchain technology and digital assets
Maltese MP Silvio Schembri announced at the Blockchain & Bitcoin Conference Malta that the government was considering the establishment of a regulatory framework for the distributed ledger technology (DLT), more popularly known as blockchain.
Schembri, who chairs Malta’s parliamentary committee for economic and financial affairs, said in a speech that the government wanted to create a blockchain ecosystem as part of a broader initiative informally referred to as the “blockchain revolution.”
Furthermore, the Malta Financial Services Authority (MFSA) published a discussion paper on cryptocurrencies, Initial Coin Offerings (ICOs) and service providers in this area, whilst the Maltese government is working on implementing its national blockchain strategy.
Malta continues work on its plans to regulate blockchain-based startups and is very active in encouraging the use of DLT and cryptocurrencies.
Malta’s Prime Minister Joseph Muscat earlier shared his desire to help the country become a “trailblazer” in blockchain technology. In April this year, the cabinet approved a draft bill on the national blockchain strategy.
“It is envisaged that the new regulator will be in place by the end of the first quarter of next year,” he added.