PRESS RELEASE BY THE PARLIAMENTARY SECRETARIAT FOR FINANCIAL SERVICES, DIGITAL ECONOMY AND INNOVATION

Reference Number: PR181513en, Press Release Issue Date: Jul 04, 2018
 

Maltese Parliament approves the laws that will set up the first regulatory framework for DLT technology in the world; “We’re providing the necessary tools so that companies in this sector can operate” – Silvio Schembri

The Maltese Parliament approved the 3 laws which will set up the  Malta Digital Innovation Authority, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act. The laws, which are the first of their kind in the world, will set up the regulatory regime for DLT technology.

Before the approval of the regulatory framework, there were several companies which announced their decision to operate from Malta, investments that will eventually result in the creation of more common good and new jobs in Malta.

Through innovation, Malta is fast becoming a pioneer in economic innovation in order to strengthen its economy through the creation of a new economic niche. This is resulting in other bigger countries following the footsteps that Malta took in this field.

Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri said that this marks an important milestone through which companies will be provided with the necessary tools to operate in a regulated environment.

This will put minds at rest for investors and whoever uses this new technology that is likely to change the world, said Silvio Schembri.

“I am optimistic that further companies will choose Malta to operate from with a system that offers stability and that will eventually result in further economic growth”, said Silvio Schembri.


 

 

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