A big part of the growth of digital currencies and blockchain technology in the European continent is hugely credited to Malta. This is due to their well-known acceptance of innovation and its virtual currencies.
One of the largest obstacles to digital currencies that pertain to its national acceptance is the regulation of Cryptocurrency. However, this is not an issue when it comes down to Malta.
While the virtual currencies are actually not seen as legal tenders in Malta, it is however known to be a means of exchange, unit of account and even a store of value.
Due to this application of virtual currency friendly laws that covers exchanges, asset managers and brokerages, of which some are futuristic, it does not come as a shock that the Cryptocurrency exchanges thang is leading like Okex, Binance and Bittrex have widened their services down to Malta.
Joseph Muscat; Prime Minister of Malta, has gone on to term digital currencies and blockchain technology as the inevitable future of money.
Little wonder that the concept behind the regulatory policies has actually been the game transformation factors that basically differentiate the country of Malta from every other country around the world about digital currencies.
Although some of the policies are yet to be made, there are, however, three laws that stand out as they make up the regulatory framework of Malta. These laws/policies are;
- VFAA; The Virtual Financial Assets Act
The Virtual Financial Assets Act also abbreviated to be VFAA is regarded as special due to its wonderful effect on not only Cryptocurrency firms but also users of virtual currencies.
Meanwhile, this act is focused on ICO Regulation. The ACT orders Cryptocurrency firms to make their complete monetary record and whitepapers more transparent. This is so that security is maintained for not only companies but also users of virtual currencies.
Basically, VFAA majorly bridges the big gap between users trust and regulations. This is a factor that is greatly vital for any type of cryptocurrency transaction to be executed.
- MDIA; The Malta Digital Innovation Authority Act
The Malta Digital Innovation Authority Act also known as MDIA majorly concentrates on the government’s complete control of Blockchain innovation. As a result of international collaborations, MDIA powers the impact of Blockchain innovation.
- ITASA; Innovative Technology Arrangements And Services Act
The Innovative Technology Arrangements And Services Act is also abbreviated to the well-known ITASA. Plus, with the addition of technology, ITASA bill is positioned towards the certification of technology service providers and registration, and digital currency exchanges for clarity and accountability reasons.
To Sum It Up
While these are the three most brilliant policies of Malta; industry and organization insiders believe that all these already accepted bills will turn out to be the strong pillar. Hence, digital currencies and its underlying Blockchain technology can thrive in Malta and the whole of the European continent.