The Malta Government has recently published three bills which when enacted in Parliament will implement a framework for Distributed Ledger Technology (DLT).
The Malta Digital innovation Authority Bill is to provide for the establishment of an Authority to be known as the Malta Digital Innovation Authority, to support the development and implementation of guiding principles described in the Act and to promote consistent principles for the development of visions, skills, and other qualities relating to technology innovation, and for the exercise by or on behalf of that Authority of regulatory functions regarding innovative technology arrangements including distributed or decentralized ledger technology, and related services.
The Innovative Technology Arrangements and Services Bill is to provide for the regulation of designated innovative technology arrangements, as well as of designated innovative technology services, and for the exercise by or on behalf of the Malta Digital Innovation Authority of regulatory functions with regard thereto.
The Virtual Financial Assets Bill is to regulate the field of Initial Virtual Financial Asset Offerings (ICOs) and Virtual Financial Assets (VFAs). The Bill also outlines the regulatory regime which will be applicable to cryptocurrency exchanges.