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Malta as the new crypto bay

Nov 01, 2018

Malta is swiftly becoming one of the popular destinations for crypto and ICO whereas other jurisdictions around the world restricting cryptocurrencies and ICOs or adopting a neutral approach.

Even though Malta is the smallest EU member, its government is developing reliable laws for the newly created industry that will probably become the next big thing following the Internet, as well as will affect almost everything of our everyday life.

Recently, the Maltese authorities ratified three bills that created a regulatory base for cryptocurrency and blockchain industry. The three above-mentioned bills are: the ‘Malta Digital Innovation Authority Act’, the ‘Innovative Technological Arrangement and Services Act’, and the ‘Virtual Financial Asset Act’.

The Innovative Technology Arrangements and Services Act will provide the legitimate framework for blockchain and crypto, and The Virtual Financial Assets Act will set up methods and conditions for ICO projects, including Anti Money Laundering, Know Your Client and other related requirements.

In the next two days Malta will hold the “Malta Blockchain Summit”, the most exciting blockchain event. Eman Pulis, CEO of Malta Blockchain Summit, noted:

“We’re delighted that the timing coincides so perfectly. We’ve always said that we’re here to support the conscious efforts being made at the national level to make Malta the primary jurisdiction for blockchain and DLT. We’re hoping that the Malta Blockchain Summit will serve as a showcase for the ecosystem, and will justify the efforts made by the Maltese government on the legislative front. This is a great opportunity for stakeholders and all 5,000 delegates attending the event.”

The aforementioned summit has been in the planning since last December and there will be a lot of banks and big names in venture capital units attending. It is set to take place at the InterContinental Hotel at St Julian’s on the island.

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