Malta developed the legal framework for blockchain

Silvio Schembri, parliamentary Secretary for financial services, digital technology and innovation Malta, shared with the audience the consultation document on the establishment of the office of digital development Malta (MDIA), stressing that at the moment, active work is underway on the development of the regulatory framework, consisting of three bills that would regulate the activities of companies in the field of technology distributed databases, ICO, virtual currency exchange, virtual currencies and similar technological solutions.

Consultation document considers prospects for the adoption of three bills, namely:

  • The law on technological organizations, which sets conditions for the registration of providers of tech services and tech certification organizations.

  • The law on Managing digital development of Malta, on the basis of which will be established by the regulatory authority.

  • The law on virtual currencies, which will create a regulatory framework for the ICO and regulatory regime for the provision of certain services in the field of virtual currencies. This law, in particular, will apply to intermediaries, such as brokers, exchangers, providers, accounts, consultants, investment and market makers working with virtual currencies.

  • Manage digital development of Malta

    Against the background of rapidly developing technologies that affect the world market, there is an urgent need to establish a dedicated regulatory body, is able to explore opportunities and to protect users and the General population from possible risks.

    The main goal of the office of digital development of Malta is the certification and regulation of technological projects and providers of technological services.

    The creation of such a regulator will allow Malta to become a kind of hub for innovative technology projects. In addition, the experience of integrating new technologies at the state level will allow you to explore in practice all the possibilities. It will also help to advance the use of technology distributed databases. In addition to directly creating the necessary conditions for the development of innovative projects, Management of digital development Malta can also help to set the gold standard of transparency and accountability in the use of these technologies and appropriate software. To achieve this, the regulator will cooperate with other countries and international organizations that will ensure the achievement of certain standards and level of harmonization of laws.

    One of the fundamental goals of the organization will be to ensure the full protection of the users when using the technology of distributed databases from the point of view of ethical standards and existing laws on protection of personal data, etc.

    The entry into force of the above three laws will allow you to obtain a number of legal guarantees that is almost not regulated, and to ensure compliance with national and international professional standards.

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