Malta’s Genius Policy Makes it Hub For Major Crypto and Blockchain Boom

Malta has emerged as the unanimous leaders in progressing crypto and blockchain boom in the European continent. Most of the success of Malta as the leaders in cryptocurrency space can be attributed to its policymakers. The biggest hindrance in the growth and acceptance of cryptocurrencies around the globe is the passive stance of regulatory bodies towards the decentralized space.

Malta seems to have no such problems in spite of the fact that it does not recognize crypto as a legal tender in its financial ecosystem. However, Malta does recognize crypto as “a medium of exchange, a unit of account, or a store of value”

The policymakers in the country have ensured that the futuristic financial system is not brought down by impractical regulations. The policymakers have implemented friendly crypto laws covering brokerages, asset manager and exchanges. These regulations have lured some of the top crypto exchanges and service providers like OKEX, Bitrex, and Binance to expand their services in Malta.

Three Policies Which Have Made Malta a Crypto heaven

It helps when the prime minister of your country is technology oriented and understands the potential of blockchain technology. Malta is blessed to have Joseph Muscat as their prime minister who hails from a technical background and deems cryptocurrency and blockchain as inevitable future of money.

The benefits of having a head of state who understands the technology trends is quite visible on the policies regarding the crypto use in the country. Malta stands out from the race in regards to cryptocurrencies thanks to its phenomenal policies regarding the same.

Some of the most notable policies which have turned Malta into a hub for Cryptocurrency boom have been listed below.

The Virtual Financial Assets Act (VFAA)

VFAA is one of the most amazing and futuristic forms of policy regarding crypto use in the country. It makes every crypto service operators in the country to disclose all their financial record and whitepapers in the public domain thus creating a great sense of transparency. It was originally aimed at regulating ICOs but the policy has turned out to be mutually beneficial for both the operator and the users.

The Malta Digital Innovation Authority Act (MDIA)

The MDIA policy is solely focused on the blockchain progress in the country where it oversees the control of the government and its impact on the progress of Blockchain technology.

Innovative Technology Arrangements and Services Act (ITASA)

The ITASA bill is solely aimed at the inclusion of tech and deals with the registration and certification of technology service providers in the country. The bill ensures total transparency of all the service providers and holds them accountable if they violate the regulation.