The Maltese Parliament publishes bills and a nomenclature for the blockchain industry

A recent statement reveals that the Maltese Parliament has released three bills representing the country's first attempt to establish a regulatory framework for the blockchain industry.

Authorities included three minutes in the main regulatory framework: on digital innovation, on the management of technological innovation and on virtual financial assets. Similarly, Silvio Schembri, Secretary of Financial Services and Digital Economy for Parliament commented that:

The new development will make Malta the world's leading jurisdiction in providing legal certainty to this technological space. The three bills that will govern the commercial sector of distributed book technology have been approved by Parliament and promulgated as the law of government entities.

For their part, the legislatures of the country, in an effort to clarify the subject international distinction, established a special and specific nomenclature for the region. In this sense, the authorities will use the following terminology: "DLT Assets" refers to tokens, "DLT Exchange", "virtual financial assets" or "VFA", "Initial Offers in VFA" for OICs (Initial Offers in Cryptocurrencies), the "VFA Exchanges" and, finally, the Certified or Registered DLTs or VFA Exchanges "for the exchanges authorized by the commercial broadcasting licenses.

The new legislative framework also mentions the sanctions and conflicts relevant to each scenario. For example, the use of inside information, market manipulation and non-transparent and misleading white papers will be prohibited, acts in which certain exchanges and ICO issuers have been compromised in the past. The penalties that apply in each case could even engage the culprit with the payment of a high bond, even for the amount of 15 million euros, or a prison sentence of not more than 15 years .

Currently, dozens of companies and startups They have established their business activities in the territory because it is considered one of the blockchain's paradises and for crypto-currencies on the European continent, such as OKEx, Binance and BitPay exchanges.