Leading Maltese law firm on regulations, benefits of building a crypto business in Malta and further governmental plans.
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On July 4, 2018, the Parliament of Malta approved a regulatory framework for blockchain technology, making Malta one of the most ‘blockchain-friendly’ countries in the world.
Cointelegraph talked to Simon Schembri, a partner at Ganado Advocates — one of the leading Maltese law firms that was involved in drafting the legislation — about what it means for the country, investors and future.
On how it all started
“It started a couple of years ago when there was initial momentum within a number of smaller organizations within the country and then it gained lots of momentum since June of last year, after the reelection of the current government.
“The purpose was to make Malta a blockchain hub, attracting a number of investments in the country. And, I mean, the aim of the regulation has already attracted lots of interest. As a law firm, we’ve been inundated with requests and have already been working on a number of transactions. And we anticipate that this will go on and progress even further now that the laws are in place.”
Silvio Schembri, Junior Minister for Financial Services, Digital Economy & Innovation
“Malta [is] the first world jurisdiction to provide legal certainty to this space.”
On why a company should consider running its business in Malta
“We are doing [things] differently than other jurisdictions and are not merely focusing on just ICOs and financial assets. What we are doing is creating a legal environment for DLTs and blockchains, which would obviously include, as well, ICOs, crypto assets, regulation of exchanges, brokers, money makers, etc.
“It gives the opportunity for DLT frameworks at the outset to come over to Malta and voluntary, — if they want — register, or have their DLT