The Plenary legislative records from Malta’s second parliament reading which held yesterday, June 26 stated that the session ended with the approval of three cryptocurrency bills and blockchain technology. The bills approved are Virtual Financial Assets Bill, Malta Digital Innovation Authority Bill and the Innovative Technology Arrangements & Service Bill. The latter bills are for blockchain regulations which are supervised by the digital innovation authority of Malta.

This innovation authority bill creates a goal for the organization to regulate the sector and promote the development of expertise and ideas related to innovation in technology. The passing of these bills by the parliament was also announced by Silvio Schembri who is a Junior Minister of financial services within the office of the Prime Minister of Malta, he tweeted about it by referencing Malta’s mark as a blockchain island.  

Times of Malta also confirmed the appointment of Stephen McCarthy as the CEO of the Malta Digital Innovation Authority in addition to the news on the passing of the bills. McCarthy previously held a position as the CEO of Malta’s Housing Agency. Since the country has a friendly legislation towards cryptocurrency, a lot of exchange platforms such as Binance, BitBay, and OKEx have moved their businesses to Malta. The new chairperson of the Malta Bankers Association is of the school of thought that cryptocurrencies will last for a relatively long time.