Malta is a beautiful island country situated in the Mediterranean Sea, in the south of Sicily, in Italy, Europe. Recently, the country of Malta has been stealing headlines for being the first country ever to bring in regulatory changes in its cryptocurrency use. The country is all set to revolutionize the ways in which people perceive and use cryptocurrencies in the country. This article talks about how Malta transformed itself to be the “blockchain island” and what regulatory changes it brought into the country.
Blockchain & Cryptocurrency law in Malta
To transform the changes into proper actions, the country has already passed three bills that have been signed into law and need to be strictly abided by the casino operators of Malta. As per the new regulations, the companies operating in Malta, would from now onwards, require detailed licensed certifications in order to do business in Malta. This move is expected to bring in strict regulation in the crypto world, which has long remained unregulated.
The government agencies from now onwards will need to monitor the existing decentralized blockchain technology to minimize the occurrence of ICO frauds. As such, the Malta government has introduced 3 components in its regulatory laws, which are as follows.
- VFAA or the Virtual Financial Assets Act
This act outlines certain mandatory conditions that are to be abided during any new cryptocurrency launch in the country. Like, all-new crypto firms conducting an ICO must possess evident documents, such as the whitepaper that reveals the actual intentions of the project and the details of the project’s feasibility. The act applies to all such operation entities like wallet providers, crypto exchange services, blockchain protocol analyzers, and portfolio managers, etc.
- MDIA or the Malta Digital Innovation Authority
This institution acts as a statutory body that formulates the guiding instructions that all new cryptocurrency firms should comply with. It is also entrusted with the responsibility of regulating the entire blockchain sector in the country. It monitors the trends of businesses as they gradually unfold and also make subsequent amendments to the act where ever necessary.
- ITAS or the Innovative Technology Arrangement and Services Act
This act categorizes various blockchain projects based on their individual features and activities. This act defines every unusual term pertaining to cryptocurrency, blockchain, and distributed ledger technology (DLT), thereby providing the framework by which all the approved blockchain-based firms come under the periphery of legal regulations.
Crypto startups & Crypto exchanges in Malta
Cryptocurrency exchanges in Malta account for the maximum cryptocurrency trading volume. After the release of the regulatory framework in Malta, the island country has begun to be known as the “blockchain island” of the world. Now Malta is home to some of the major crypto exchanges of the world, blockchain tech startups , and myriads of investment firms. As such, most of the crypto startup firms have begun relocating their headquarters from London to Malta. Malta is one of the newest crypto hubs and becoming one of the top destinations for crypto entrepreneurs to launch their crypto-based projects.
Despite the fact that gambling enthusiasts do not really care in which country their favorite casino is licensed, yet Malta is opulent with the largest number of casinos in the world. The stable economy of the country, together with its peaceful political situations, contributes to the favorable condition that attracts casino owners to operate in the country. This online casino guide will give you detailed information about Canadian casinos.
Therefore, Malta is a Crypto heaven for casino owners. The licensed casinos in Malta joined the European Union in 2004. Soon after this, the casino companies started entering the European markets owing to the stable tax structure of the country and a stable economy. The Maltese authorities, with their competent and valid license, are able to organize and facilitate online games. Those games include casino games, sports betting, slot machines, lotteries, and various other forms of online gambling.