Malta Passes Blockchain Bills, Becomes First Ever Country To Regulate DLT

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Malta officially became the world's first ever country to regulate distributed ledger technology or DLT as the Parliament has passed three blockchain bills into law.

The country, where a number of blockchain and crypto companies have already located, officially is now a "blockchain island."

In a twitter post, Silvio Schembri, Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta, said, "The 3 Bills that will regulate DLT have been approved by Parliament and enacted into law."

The bills are said to include the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.

Local news outlet Malta reported that the Junior Minister is optimistic about companies choosing Malta as their base of operations. According to him, the republic now offers a stable system that will result in further economic growth.

DELTA Summit, a Malta-based blockchain and digital innovation conference set for October 3-5, 2018, will be the country's official blockchain event.

With the development of a blockchain and cryptocurrency-friendly space, many cryptocurrency exchanges, including Binance and BitBay, have set up operations in Malta recently.

Malta's Transport Minister had in May announced a partnership with U.K. middleware blockchain startup Omnitude to improve the Maltese Public Transport Service through blockchain.

Malta Gaming Authority also issued recently its guidelines on blockchain and cryptocurrency applications in the gaming industry.

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