Malta approves two new laws on cryptocurrencies

The ITAS Laws on "Technology Arrangements and Services" and VFA on "Virtual Financial Assets" will be effective as of November 2018 in the Maltese territories. These bills have been approved by parliament with the aim of inserting a regulatory and legal framework for activities related to digital assets, given that Malta has never shown any reluctance towards the Blockchain. The coming into force of these two laws coincides perfectly with the Blockchain summit, which will be held on November 1st and 2nd.

Malta open to cryptocurrencies

It is rare to meet a government so open to cryptocurrencies. Long debated by large countries like the United States or China, which attribute little or no confidence to cryptocurrencies, Malta, she sees a significant interest, provided they regulate properly.

The two laws are ITAS and VFA. The first relates to technology arrangements and services, while the second deals with virtual financial assets as a whole . They aim to govern crypto-currencies in the private economic affairs of the country. The main guidelines of these two edicts are intended to regulate Blockchain and ICO (Initial Coin Offering) in the country. The VFA prevents the risks of cybercrime related to the realization of an ICO.

The Eden of the Blockchain

Malta is the first state to move concretely towards the digital era. The island welcomes crypto-currencies and various Blockchains projects, which is why many companies come to find their paradise, to name just BitBay or Binance .

In addition to this adoption, many questions surround the date of entry into force of these laws. Apparently their promulgation will be held on the same day as the Blockchain summit. Eman Pulis, CEO of the declared summit:

"We are delighted that the timing coincides so perfectly. We have always said that we are here to support the conscious efforts made at the national level to make Malta the main jurisdiction of the Blockchain. "

What do you think of this position of Malta in relation to the adoption of Blockchain? React and deliver us your impressions in the comments section.

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