In the current scenario, while half of the nations are banning the cryptocurrency and blockchain developments in their regions, there are other countries who are accepting the latest technology advancements that the digital currencies and the blockchain network has to offer to each one of them. Till date the regulations which are scheduled to be formulated around blockchain in other countries. Surprisingly enough, the tiny country Malta has picked up the pace and have gained a leading position in announcing Blockchain related regulations that will be applied in their country soon.
Recently, Malta was in news for introducing three legislation rules that will be helpful in managing and governing the fair use of blockchain technology and the cryptocurrencies in their country. Shortly after the news came out, everyone is wondering about the benefits that can be availed after the law is officially applicable in the island country of Malta.
As per the current speculations the laws are meant to be helpful to the existing cryptocurrency exchanges like BitBay, Binance who have found solace after migrating to this territory which supports the growth of cryptocurrency at large. Once the regulatory framework comes into place, the exchanges will find it easier to abide by the laws and take their operations forward without harming their operational businesses.
If the reports are to be believed then the island country has introduced three bills that govern blockchain network namely Innovative Technological Arrangement and Services Act, Malta Digital Innovation Authority Act, and the Virtual Financial Asset Act.
If these laws come into place then it will aide to more investments in the upcoming ICOs which may be approved only if they follow certain rules cited by the lawmakers, hence the investor can check whether the ICOs which they are about to invest in have acquired the government accreditation or not.
With time may be more rules will be added to the existing framework so that the investors who are willing to invest in the currency and virtual token are not duped by fraud agencies who may come with an interesting yet faulty scheme.
What do you think about this development? Do you think more countries will start adopting the changes that the blockchain network has to offer to the investors and companies who believe that the technology advancement offered by the blockchain technology will largely impact the functioning of many systems in future? Let us know in the comments down below!