Malta Just Regulated Crypto, By Passing Three Major Laws About DLT (Distributed Ledger Technology)
As announced by Malta Today, the House (a.k.a. Parliament) voted on a series of bills, enacting them into laws. What really interests us from this event is a group of 3 bills, namely: the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.
Without going into details, these three laws are basically making crypto legal in Malta.
Parliamentary secretary for the Digital Economy Silvio Schembri described parliament’s approval as a step that would put investors’ minds at rest, given that companies now had the necessary tools to operate in a regulated environment.
“I am optimistic that further companies will choose Malta to operate from with a system that offers stability and that will eventually result in further economic growth”, said Schembri.
A couple of weeks ago, Binance announced they are eyeing Malta as their new office location, pending some positive legal developments.
All in all, good news.
As a matter of fact, this is the type of news that can really snowball into a very consistent crypto activity.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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Malta wants to capitalize on their first mover advantage. Let's hope for some FOMO of other countries^^. Let the chain reaction begin...
I would dare to hope even for a block-chain reaction... :)
I wonder what this will do to the market?
I mainly keep an Eye on BTC and STEEM these days but I could only imagine how this would effect everyone here in a direct way.
We can all see the market go up and down but with the current market value waiting for the right moment. I would only imagine this could be huge for prices, worth, and value.
I see it as a positive too, but more likely to produce effects slowly, over a period of a few months. Laws in and by themselves are good, but from a business perspective we really need to see some real-life, positive examples of companies "making it big" on the island.
I couldn't agree more. Right now a lot of people want to know information and get themselves educated. The biggest down fall right now is the biggest ways to get the information they seek is to blindly jump into trading or mining and usually the initial investment is 100% risk. Those kinds of odds don't bode well for a lot of people and tend to give the industry a bad reputation.
What you said that: "we really need to see some real-life, positive examples of companies "making it big" on the island."
Personally, I think this would not only bring about the publicity that a lot of people are looking for but with a success story to back it there would be a lot more confidence coming from the general public. This would only mean more positive influence and over all growth.
The progression may be slow as you suggested but I could only imagine with bigger players having their interest peaked it would only be a matter of time before it exploded.
That about time i hope to see many other countries doing the same
Little by little, there is more and more good news coming out. It seems just a matter of days that the market should react positively.
kinda like..
'if it's not mandated it's illegal'
only
'if it's not specifically LEGAL..then it's not?"
heaven help someone who invents something new...
oh...wait.
It's good to see smaller economies capitalizing the opportunity of crypto world while the bigger economies are taking a more causious approch...
Does 'legal' means legal tender or legal to buy and sell crypto like fiat (since fiat conversion has no tax)
This should help shift the market with an upward trend.
It is definitely a good news...... Here today, once this adoption has been into action in Malta, to me, in no time all other countries will want to be as them as it will make much move to investors in the country so with this others will also want to have investor like this form as seen being portrayed in Malta in their country and in this vein giving much more room to crypto world to expand more and more.....
Hopefully Malta decision to regulate cryptro will be the first drop of rain. Many countries will follow Malta soon. Lets hope for the best. Thanks for sharing @dragosroua