This means that every time that a person buys sells, exchange or transfer a digital coin or simply buying of goods and services using virtual currency a ledger supported by blockchain records the transactions in an encrypted manner to protect it from any type of cybercrime. Some of the features of exhibited on blockchain technology include: Blockchain technology in Malta– In regard to the rapid global development of cryptocurrency, The Malta government also is known as Malta Financial Services Authority (MFSA) is formulating policies as well as developing the regulatory framework in relation to cryptocurrencies and to entire blockchain technology. This regulatory framework will establish Malta jurisdiction of control operations and serves as the pioneer for formulating digital currency regulatory framework.
Thus on July 4, 2018, the Maltese Parliament has officially launched 3 bills into law, which became the first legal regulatory framework for blockchain, cryptocurrency as well as the DLT (Distributed Ledger Technology). These historical laws passed were the first bills ever provided as an official set of regulations for operators in the blockchain, and DLT space.regulations for operators within cryptocurrency, the blockchain, and DLT space.
The 3 historical blockchain technology bills The first law is aimed at certifying DLT platforms and establishing Malta Digital Innovation Authority. This bill will clearly outline the responsibilities as well as the duties of the Authority aimed at certifying DLT platforms to ensure credibility and grantee legal certainty to persons with interest to operate on DLT platform.
The second category of the law is primarily dealing with DLT arrangements and certifications of DLT platforms. The law will scrutinize the companies operating in the crypto market and how other companies will set up and join the market. The third law is the most critical since its main concerned is to the moderation of the regulatory framework governing the regime of ICOs, cryptocurrency exchanges, and wallet providers.
This will protect the interest of users by ensuring everything fraud-free. Several agencies, governmental and non-governmental such as “The high-level principles of the European Union (EU) have reflected over the three-bill are fully delighted on the steps that Malta Parliamentarian have to establish the historical first laws in order to restore and maintain order and sanity in a rapid developing blockchain technology. Read more from bmmagazine.co.uk…
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