The Malta Digital Innovation Authority was officially established during the Delta Summit taking place in Malta on Thursday.
The authority, spearheaded by CEO Stephen McCarthy, will be responsible for promoting all governmental policies that promote Malta as the centre for excellence for technological innovation while setting and enforcing standards that ensure compliance with any other international obligations.
The authority seeks to protect and support all users and encourages all types of innovations by allowing for maximum flexibility when it comes to the certification of Innovative Technology Arrangements.
Presently, the MDIA is issuing a set of guidance notes aimed at assisting service providers and Innovative Technology Arrangements Applicants when approaching the MDIA for registration and certification respectively. These guidelines are divided into four chapters.
Three pieces of legislation have been enacted by Parliament to establish Malta as the first regulated DLT platform.
The Malta Financial Services Authority told the Times of Malta that substantial investment would be made in supervisory technology to ensure that any risk associated with this sector would be kept to an absolute minimum.
Read: MFSA investing heavily to reduce virtual currency risks