The Cabinet of Malta has approved three bills related to cryptocurrency and blockchain technology. One bill in particular, the Virtual Financial Assets Bill, provides a regulatory framework for cryptocurrencies and initial coin offerings.
Crypto Bill Approved by Cabinet
The Cabinet of Malta approved three bills on Tuesday, one of which is the Virtual Financial Assets Bill that provides the regulatory framework for cryptocurrencies and initial coin offerings (ICOs), according to local media. The other two bills are the Malta Digital Innovation Authority Bill and the Technology Arrangements and Services Bill.
All three were also presented to the Parliament of Malta for its first reading on Tuesday. The next stage is a debate between both sides of the House before they are passed into law, the Malta Independent explained. The news outlet noted that Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri, “strongly believes” that:
Once new laws surrounding blockchain technology and cryptocurrency are enacted in Malta, banks would be less reluctant to welcome companies working in the industry, presumably due to the legal certainty it would provide.
He was also quoted by Malta Winds, saying, “As a government, we think that by regulating this market, it will ensure that the three main principles of financial regulation are adhered to and will be a market that protects the investor and provides market integrity and financial soundness.”
About the Three Bills
The Malta Digital Innovation Authority Bill establishes a new department named the Malta Digital Innovation Authority along with its duties and responsibilities. It also focuses on internal governance arrangements, explained Mamo TCV Advocates law firm. One of the key roles of the Authority is “the certification of DLT [Distributed Ledger Technology] platforms to ensure credibility and provide legal certainty to users wishing to make use of a DLT platform.”
The second piece of legislation, entitled the Technology Arrangements and Services Bill, deals with the registration of technology service providers and the certification of technology arrangements, such as concerning system administrators and auditors.
The Virtual Financial Assets Bill, the law firm described, focuses on ICOs “and the regulation in respect of certain service providers which will be involved in activities related to ICOs.” The firm added that “The bill will also outline the regulatory regime which will be applicable to cryptocurrency exchanges,” noting:
Malta has witnessed an exponential worldwide interest from exchanges seeking to relocate to Malta and issuers of ICOs wishing to launch from Malta. The proposed bill will further strengthen Malta’s position on the DLT front and solidify its reputation as a blockchain island.
Moreover, the bill empowers the Malta Financial Services Authority (MFSA) “with the necessary regulatory and investigatory powers” such as “the powers to issue directives, to adopt and publish rules, to require information…[and] to suspend either an ICO or the trading of a VC on an exchange.”
Do you think Malta will become a crypto island? Let us know in the comments section below.
Images courtesy of Shutterstock and the Malta Independent.
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Step into any office building, school, government office or even residential buildings, and you will find a janitor. The janitor takes care of all the small things the building needs to run, keeping it clean and tidy. Most of us never notice the janitor; unless we have an issue, we don’t interact with them.
Nevertheless, once a pipe bursts, a window cracks or there is a huge spill on the hallway we call the only person we know who can take care of the mess. The janitor contributes to our efficiency even if we don’t notice. Cryptocurrency markets are a lot like these buildings, but they do not have a resident janitor that can help them, until now. CoinJanitor is the project that will take care of all the pipe bursts, cracked windows and hallway spills in cryptocurrency markets.
How does CoinJanitor Work?
So, what is the role of CoinJanitor in cryptocurrency markets, why is it relevant and how does it work? Let’s answer those questions in a succinct manner, one by one:
CoinJanitor’s role is to take care of failed or dead coins, cleaning them up in a manner that restores their value into wider cryptocurrency markets.
CoinJanitor is as relevant to cryptocurrency markets as a janitor is relevant to a building because by restoring value locked in failed or dead coins it will reduce market dilution, which favors top ranked cryptocurrencies.
CoinJanitor works by selecting specific coins that have failed or are functionally dead; contacting creators and community members; buying their coins out with the CoinJanitor token allowing them to transfer their value into the markets; burning the coins it bought from these community members and manually decommissioning the blockchains of those dead or failed coins afterwards.
Why Should You Care?
Many people who do not hold any failed or dead coins, must be asking themselves “why should I care” after reading the short explanation above. The answer is rooted in fundamental economic principles:
Holders of top ranked coins benefit from this clean up because dead or failed coins have value locked in them, however small that value might be.
Holders of these coins cannot transfer that locked value into the markets, which takes away a source of growth from top ranked cryptocurrencies.
Once CoinJanitor unlocks the value of these coins through a swap into its token, it will be creating a large community of users with a network effect. These users will be able to sell their CoinJanitor tokens on an exchange and buy top ranked currencies with them.
This whole process will create positive externalities, or, in other words, a benefit for third parties – top ranked cryptocurrency holders – that are not directly involved in the dead-coin for CoinJanitor tokens transaction.
Why Should You Support CoinJanitor?
So, now that we established how running cleaner cryptocurrency markets is beneficial to everyone, it is important to explain why people should support CoinJanitor. After all, anyone who has a top ranked cryptocurrency should benefit from the positive externality without having to contribute. The answer lies, once again, in fundamental economic principles:
CoinJanitor contributors will become an integral part of a fast-growing community that amalgamates users from dead or failed coins throughout the market, creating a powerful network effect that adds value to the unlocked value coming from those dead or failed coins.
CoinJanitor will also produce troves of data regarding a deeply understudied segment of the market, which the staff in charge of the project will work diligently to organize for its members to use.
Contribute to CoinJanitor for the Sake of the Market
Other developments will follow as the CoinJanitor team starts doing its job, unlocking value from carefully selected dead or failed coins. By opening the debate on dead and failed coins, the community will start benefiting even before the public sale of the CoinJanitor token begins on March 15th, 2018.
So, if you are interested, and you want to find out more about how we define dead or failed coins, how our selection process will work, and you want to gain a deeper understanding about the economic principles guiding this project or you want to contribute to CoinJanitor, visit our website, take a look at our white paper and ask our staff about the project directly on our Telegram group. We will be doing all the dirty work and the heavy lifting for you, so you can enjoy a cleaner, more efficient cryptocurrency market with a better flow of value.
This time the event will be held on May 28-29; organizing team decided not to move too far from the previous location, having chosen Berlin as a place for the upcoming conference.
Why this city exactly? Berlin was chosen as one of the main European centres for FinTech and Blockchain development; apart from that, large concentration of investments, startups and innovative businesses makes the city a capital for many trending industries.
Look How We’ve Grown!
This time, just like previous one, BlockShow will bring you the most interesting Blockchain applications, latest sensations, a lot of high-quality content and networking experience. With each new event, the BlockShow team keeps increasing the pace and extent of its activities.
This May, BlockShow Europe will be visited by more than 3 000 attendees; the conference exhibition will include more than 150 projects, and over 120 organizations and companies will provide their support for the upcoming event. These are twice as many values as were shown during the recent conference in November 2017 and on average 5 times bigger than it was in Munich last April.
What’s the Focus?
BlockShow Europe will reveal the most innovative releases from the promising Blockchain companies, the most successful projects, as well as rich and versatile insights on how Blockchain disrupts major global industries, such as IoT, AI, Cybersecurity, Voting & Elections and many others. At the same time, we will be honored to welcome representatives of Central Banks and European governments who will share their vision and current experience of harnessing the Blockchain technology.
Top Blockchain experts around the globe claim 2018 to be the year of global Blockchain regulations, so there is no way BlockShow won’t raise this question at the main stage of the upcoming event. Our greatest aspiration is to reach balance and fairness for the global Blockchain law, and this is our way to contribute to one of the main Blockchain topics of 2018.
BlockShow Europe 2018 is going to bring together over 70 internationally recognized speakers and experts from banks, institutions and numerous global industries; during single speeches, discussions and panel sessions, all of them will deliver high-quality professional insights, knowledge and more. We are happy to introduce the first of them:
Llew Claasen – Venture Capitalist & Executive Director at Bitcoin Foundation
Milan Sallaba – Partner at Deloitte Consulting
Ahmed Syed – Lead, Innovation Office at SAP
Ivan Liljeqvist – Speaker, Blockchain Influencer at Ivan On Tech
David Lee – Professor, Entrepreneur, Director and Advisor at LeftCoast
Dr. Julian Hosp – Co-Founder & President at TenX
Joern Leogrande – Executive VP, Innovation Labs at Wirecard AG
Ildar Fazulyanov – CEO and Founder at Well Inc.
Eugéne Etsebeth – Business Unit Head, Payments and ACH / Central Banks at Sybrin
And yet this is a very small part of what the team is preparing. Each year we’re striving to bring more show to the whole concept of BlockShow, so there is no doubt this time our event will be packed with even bigger exhibition, expanded networking opportunities and other entertaining activities. Both of our Startup Competitions were a truly exciting and fun experience for us and our contestants; this year, we will proceed with this great tradition of discovering and rewarding the most promising Blockchain-powered companies out there, so if you are a Blockchain entrepreneur – don’t miss out on this chance!
For the whole time of its existence, BlockShow became a platform for over 100 worldwide Blockchain experts, as well as 400+ companies from around the globe. Some of them have already expressed their thoughts about the BlockShow events:
“BlockShow is really great. I’ve been to a bunch of events in the US and this was my first trip outside of the US in the last four years and had to pick a good event. Cointelegraph is not new to the industry, you guys have been around for many years. So it’s not like there are a few events funded by these new entities that do not really understand what the vision was. Of course, you have to know where you came from to know where you are going. So it is a great choice for you guys to organize the BlockShow. It was super awesome and exciting”.
– Charlie Shrem, Founder of the Bitcoin Foundation, Founder at CryptoIQ
“We thought it was a well put together event! The BlockShow Team accommodated us very well with our special requirements of moving our Lamborghini in. Presentation stage gave us a fantastic opportunity to explain our product to attendees. Network opportunities were great there, with dedicated spaces to allow for this and after parties organized by Blockshow. We were very impressed with all the extra effort put in with the artwork, CT and Blockshow style. Overall we had a fantastic three days and would be keen to be a part of the next event BlockShow event! Well done”.
– Sheree Ip, Legal & Blockchain Development at BitCar
Starting today, registration for BlockShow Europe 2018 is officially open! Learn more and register for the conference at the official BlockShow Europe website.
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