New reports reveal that the cabinet of Malta has approved three bills that are associated with cryptocurrency and blockchain technology. According to reports, the cabinet approved the bills on Tuesday. The report by local media outlets stated that one of the bills is the Virtual Financial Assets Bill that is geared at providing a regulatory framework for initial coin offerings (ICOs) and other cryptocurrency-related matters. Meanwhile, the other two bills are the Technology Arrangements and Services Bill as well as the Malta Digital Innovation Authority Bill.
The three bills were presented before the Parliament of Malta on Tuesday for the first reading. The Malta Independent reported that the next stage in the approval process will be a debate between the two sides of the cabinet before the bills are passed into law. The report also revealed that Silvio Schembri, the Parliamentary Secretary for Financial Services, Digital Economy and Innovation stated that he strongly believes that if new laws related to cryptocurrency and the blockchain technology are enacted in Malta, banks would be more active when it comes to welcoming companies in the industry because of the legal certainty in the country.