These give investors a clear description of legal requirements to carry out legitimate cryptocurrency business on the island, which has long-sought to become the Bitcoin and blockchain technology capital of Europe.
The regulations place mean that Malta is one of the first countries in the world to adopt a legal framework for ICOs, exchanges and innovative technology. One of the bills, called the Virtual Financial Assets Act, regulates ICOs, stating that projects attracting funding through initial coin offerings have to publish whitepapers.
Then there’s the Malta Digital Innovation Authority Act through which an industry-specific governing body will be set up. And lastly, the Innovative Technology Arrangements and Services Act regulating designated innovative technology projects.
Binance, DQR and OKEx immediately reacted to the move, stating that they will set up businesses in the country.