Laws on crypto currencies and blockchain, approved by the authorities of Malta, will enter into force on November 1 this year, reports Coingeek.
We are talking about the laws “On virtual financial assets” and “On innovative technologies and services”. In the opinion of the government and the parliament of the country, these two documents will put an end to disputes over the regulation of crypto-currency trading and blockchain.
Earlier it was reported that a set of bills on the regulation of relations in the cryptosphere was approved by the Parliament of Malta. Parliamentarians then noted that Malta actually became the first state in the world to develop a convenient legal framework for transactions with virtual currencies.
The laws clearly state the mechanism for the company to enter the ICO in order to prevent the risks of fraudulent transactions.
In addition, the regulatory framework, which will enter into force in November, will allow the maximum possible free development of blockchain start-ups. Each technology provider will be certified, only in this case it will be able to provide its services to partners.
Initially, bills on digital currencies were approved by the government of Malta in July last year. After that, the process of transferring documents to the parliament was launched.
In Malta already operate crypto-exchange exchanges and blockchain strart-ups. Among the players who opened their headquarters in this country, one can single out the Binance exchange and the Bitpay platform.