The adoption of the fourth blockchain bill will act as a way of increasing the chances of cryptocurrency investors in Malta.
“The Fourth blockchain Bill will foster innovation,” says Steve Tendon, Mastermind of Malta’s ‘Blockchain Island‘. According to Steve, the first chairman of the Blockchain Malta Association, the gap between the investors, regulators, and developers will be adequately bridged with the introduction of the fourth blockchain bill.
The document is one out of four laws which determines how a state views and interacts with blockchain technology.
Steve Tendon, the architect of the ‘Blockchain Island’ initiative, is trying to transform the island nation of Malta into a hub for blockchain innovation, investment, and business.
Malta is admittedly the first country to formally regulate cryptocurrencies, distributed ledger technology, and blockchain, with the three bills which were passed into laws by the Maltese Parliament in order to provide legal certainty to the cryptocurrency field.
Steve disclosed during the Malta Blockchain Summit that the Maltese government is considering a fourth regulation. Although he made mention that not all are excited about the idea as the lawyers are quite unhappy that a piece of software would have legal personality, while the developers think the technology should not be regulated.
The fourth blockchain bill is a legislation that would regulate the use of blockchain on the island – could give legal personality to decentralized autonomous organizations (DAOs), smart contracts, and blockchains. It will also facilitate investors as companies now have the necessary means to operate in a fully regulated environment.
Although Steve Tendon also said he sympathized with the developers on their sentiments on not regulating the technology, he tried to make it clear that the people behind the technology required protection.
He gave an example of two leaders in the blockchain space, Satoshi Nakamoto and Vitalik Buterin, emphasizing on how Satoshi is the smarter one because of his anonymity.
He believes that developers need laws to protect them while they experiment and innovate. The new bill he is proposing will be based off the current ‘Foundations law’. Currently known as the Innovative Technology Foundation (Bill), it consents to the building up of a patrimony (legal framework) which can be used in case of legal liability.
The Maltese government plans to transform Malta into the ‘Blockchain Island’ in a few years time by protecting developers from legal liability.