The Parliament of Malta has passed three bills that will establish a regulatory framework for distributed ledger technology, commonly known as blockchain, Malta Today reported.

The three bills – the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act – have been signed into law.

The Digital Economy secretariat believes that the three laws are the first-of-their-kind of the world, which would help establish the regulatory regime for blockchain technologies.

“Through innovation, Malta is fast becoming a pioneer in economic innovation in order to strengthen its economy through the creation of a new economic niche. This is resulting in other bigger countries following the footsteps that Malta took in this field,” it added.

Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri said that this marks an important milestone through which companies will be provided with the necessary tools to operate in a regulated environment and will put minds at rest for investors involved in this space.

“I am optimistic that further companies will choose Malta to operate from with a system that offers stability and that will eventually result in further economic growth”, said Schembri.