The Daily: Malta Enacts Crypto Bills, Bermuda Wants New Banks, Dotcom Loses Appeal

In today’s edition of Bitcoin in Brief we cover stories from various corners of the world. In Malta the parliament has enacted three crypto bills into law, in Bermuda the authorities want to create a new type of crypto friendly banks, and in New Zealand Kim Dotcom has lost his extradition appeal.

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Malta Enacts Crypto Bills

The parliament of Malta has given the final approval on Wednesday evening for three bills meant to create a welcoming regulatory framework for crypto ventures. The bills now enacted into law are the Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act. The European island-nation has already been able to attract a number of players in the field thanks to the promise of these bills, including the exchanges of Binance, Okex and Bitbay.

“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,” the Digital Economy secretariat stated.

#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

Bermuda Wants New Type of Banks

Besides a welcoming government, a jurisdiction must also have a willing banking system, if crypto business are to integrate into the wider economy. In Bermuda, which recently passed an act to regulate and legitimize initial coin offerings (ICOs), banks were obstructing the establishment of new ventures despite the law. So now the local authorities reportedly want to create a new type of banks to overcome this problem.

David Burt, Bermuda premier and minister of finance, said that banks “cannot be allowed to frustrate the delivery on our promise of economic growth and success for Bermudians. The fintech industry’s success globally depends on the ability of the businesses operating in this space to enjoy the necessary banking services. In other jurisdictions, banking has been the greatest challenge and for us in Bermuda, it is equally so and therefore it must be resolved.”

Kim Dotcom Loses Extradition Appeal

Kim Dotcom, the colorful file-sharing and crypto entrepreneur, has lost his latest extradition appeal. The New Zealand’s Court of Appeal has decided today that he can be handed over to the US where he will stand trial for copyright infringement and fraud. American authorities have been after Dotcom since at least 2012, primarily for enabling the loss of more than an estimated $500 million for media copyright holders via Megaupload, a charge he denies. Still, the extradition to the US is not yet a done deal. New Zealand’s Justice Minister Andrew Little has to approve it as well as the court system, and Dotcom’s lawyer responded that “We will seek review with the NZ Supreme Court.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below. 

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