As some countries approach cryptocurrency and blockchain with shyness, others like Malta are going all in. This includes incorporating its technology into their development plans. Malta passed three blockchain and crypto related motions on June 26th, making them the first country to fully embrace the digital innovation. Furthermore, countries like the United States, hold a more cautious approach to the crypto space and its tech.
China is also experimenting with blockchain, especially in the medical sector. Governments incorporating crypto technology could open up their countries to transparency and openness as well as economic well-being and safety. Recently, Malta approved the Digital Innovation Authority, the Innovative Technology Arrangements & Services, and the Virtual Financial Assets bills. The three bills opened up the country to investors worldwide in the cryptocurrency community. That said, these investors coming to the country will be under the watchful eye of the Digital Innovation Authority.
The design of the Digital Innovation Authority bill is to create consistent principles and set ground rules under which the digital innovation trends run in the country. The regulatory bill would also serve to provide terms and conditions/regulations that will govern dealings within the digital world, be it crypto or otherwise.
The New Way
Malta’s willingness to accept the cryptocurrency world as part of every day life is recognized by many users with enthusiasm. Crypto exchanges like OKEx, Binance, and BitBay are already operating within the country.
The junior minister in charge of Financial Services in Malta, who also serves as the Digital Economy and Innovations minister, tweeted refererence to the country as a “blockchain island.” He also announced that is is a privilege to be at the forefront pushing for the bills. Additionally, the junior minister shared that Stephen McCarthy will be the new Malta Digital Innovation Authority CEO. The local news, Times of Malta, announced the appointment on June 27th.