The government of Malta confirmed last week that it had approved three crucial bills that provide the necessary regulatory framework for the blockchain and cryptocurrency market.

According to Malta Today, the three laws were namely the Innovative Technological Arrangement and Services Act, Malta Digital Innovation Authority Act, and Virtual Financial Asset Act.

This was a giant step taken by the government of Malta towards turning the country into a major blockchain and related technologies hub.

The bills also outline the various branches of the government set to work in tandem, with Bill 45, for example, which tasks the Malta Digital Innovation Authority (MDIA) with the promotion and development of the blockchain and crypto industry in the country.

The MDIA agency, which has yet to be formally established, will also provide regulatory guidelines on Initial Coin Offerings (ICOs), educate the wider public, safeguard the reputation of the nation as a major blockchain hub, as well as protect investors.

The Cryptocurrency Market on Blockchain Island

Maltese Prime Minister Joseph Muscat posted a tweet on Wednesday regarding the new legislative development, touting his country as the first in the world to officially provide a holistic legal framework that regulates blockchain and distributed ledger technologies.

#Malta 🇲🇹 officially the first country worldwide to have holistic legislative framework regulating #blockchain & #DLT technologies. We will be the #global hub for market leaders in this new sector. Now for the implementation of #BlockchainIsland -JM @SilvioSchembri

— Joseph Muscat (@JosephMuscat_JM) July 4, 2018

Regions such as The Isle of Man already have jurisdictions related to blockchain regulation, but Malta says it’s the first to offer comprehensive regulation.

With a population of approximately half a million people, Malta has made major advances in diversifying its industries. Its gambling industry, for example, boasts over 270 companies and provides employment to over 9,000 professionals.