Malta will give "Tranquility" to Crypto Companies

The government of Malta has had an idea that the cryptocurrency companies can find interesting. A new policy seeks to establish a special agency that "certifies" the blockchain platforms and "verifies" the crypto-transactions.

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The Parliamentary Secretary for the Digital Economy, Silvio Schembri, presented this new policy at a press conference attended by several of the interested parties, the Maltese Independent newspaper reported. He called the event a "historic moment," and provided more details on how the authorities plan to implement regulations related to the cryptocurrency sector in successive stages.

The first step will be to establish the Malta Digital Innovation Authority. A bill will establish the regime for the registration of service providers and the certification of technological agreements, explained Schembri.

In stage 2, another draft will formalize the framework for initial offers of currencies.A third law will impose regulations on services directly related to cryptocurrencies.Intermediaries such as brokers, stock exchanges, portfolio providers, asset managers and investment advisors will be subject to its provisions.

Malta strives to be an innovation center

Silvio Schembri stressed that the promotion of policies that favor the development of Malta as a center for new technologies, including the public sector, will be one of the main objectives.

"The purpose is to encourage innovation by creating a successful ecosystem," he added. This will be achieved through the "use of cutting-edge technology in useful commercial cases, and compliance with best practices." The legislator also noted that the Digital Innovation Authority would protect Malta's reputation by taking into account its international commitments under the anti-money laundering directives.

During the press conference, officials mentioned several applications of DTL technology. In larger companies, internal DTL platforms can be used to maintain payroll systems and record the movement of goods and invoices.

Companies can also take advantage of public platforms that share consensus mechanisms such as Bitcoin and Ethereum. Regulated financial institutions can use DTL to offer services to their clients.

Schembri said the government would consult with all interested parties before finalizing the development of its policies, including relevant authorities such as the Financial Intelligence Analysis Unit (FIAU) and the police.

Local and international representatives of the industry will also participate in the process. He also added that the public is free to provide feedback in the next three weeks. After that, the bills will be presented to the Parliament of Malta.

Source: news.bitcoin.com