Malta Moves Towards Crypto-currency Regulation
Published March 21, 2018 by Ivan P
The encompassing gambling bill, which will be submitted for consideration by the Parliament, contains the section dealing with all aspects of crypto-currencies and ICOs.
Bitcoin and other crypto-currencies, often referred to as alt-coins, have experienced an immense rise in popularity over the past few years. However, despite the increased acceptance, there is still no proper legal framework that would apply to crypto-currencies. This might change in the near future, as Malta is looking to become a pioneer in this regard, being the first country to introduce fully-encompassing law dealing with bitcoins and all other alt coins out there.
Positive Initial Tests
Malta has been working on the crypto-currency project for a while now. Back in September of 2017, the country commissioned a report from the UK-based company, which contained results of tests conducted in a controlled environment, commonly known as "sandbox." These tests came a few months after the Maltese Prime Minister revealed his idea that Europe should become the "bitcoin continent."
Conducted tests were aimed to see the effects and possibilities of implementing Bitcoin into the economy of Malta, while still keeping it insulated from the rest. Although Malta wasn't the first country to conduct such a test, they've come the closest to actually putting in place regulation for block-chain currencies.
Regulatory Framework Coming Together
Malta is widely renowned as the European gambling hub regulation, with numerous online casinos and gambling sites operating under licenses issued by the Malta Gambling Authority. Right now, the Parliament is looking into an extensive gambling bill, which should further establish the country's authority in the market.
Alongside the main bill, the public had an opportunity to comment on three separate proposals, one of which deals directly with crypto-currencies and ICOs. The commenting processed ended on March 9, and these three bills will be unified and presented to the Parliament for consideration.
The virtual currency bill should deal with everything relating to crypto-currencies, including wallets, exchanges, brokers, etc. With it, Malta would become the first country to fully regulate the crypto-currency market, leading the way for other countries to follow in its footsteps.
