Malta cabinet approves cryptocurrency bills

The Malta government’s Cabinet has approved three cryptocurrency bills, which will be subjected to a public consultation process in the near future prior to being introduced to parliament.

The bills are the Virtual Financial Assets Bill, which provides the regulatory framework for cryptocurrencies and initial coin offerings (ICOs); the Malta Digital Innovation Authority Bill and the Technology Arrangements and Services Bill.

Industry observers say that the ultimate approval of the bills through parliament will make Malta a pioneer in the acceptance and regulation of cryptocurrency, part of the Mediterranean island’s strategy to be among the international leaders in the online gambling and financial services industries.

A number of cryptocurrency-related companies have announced plans to either expand or move to Malta this year, including Neufund, an equity fundraising platform, OKEx, a digital asset exchange, Poseidon Foundation, a blockchain platform, and Binance, arguably the world’s biggest cryptocurrency exchange.

In related news, online poker entrepreneur Alexandre Dreyfus (Mediarex, GPI etc) has published an interesting op-ed piece in the Malta Times lauding the island’s initiatives in cryptocurrency and blockchain regulation as he prepares to launch chiliZ, a new blockchain and e-sports venture, and an associated token sale.

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