The government of Malta has been positioning the European island country to be ‘Blockchain Island’ ever since it reached a landmark deal with Binance for the exchange to set up shop in the region. Now, the Parliament of Malta has passed three new bills into law that provide guidelines and regulatory standards for blockchain technology.

The three bills include Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.

In a press conference Malta Prime Minister Joseph Muscat confirmed that parliament will pass the three bills written specifically to embrace and support blockchain technology and its related crypto assets.

Parliamentary Secretary for Digital innovation and Finance Silvio Schembri told CNN in a statement:

“This is the last stage of the legislation that will put Malta on the international map for blockchain and crypto regulation. There is political consensus on this roadmap and we are foreseeing that this area will be the mainstay of our economic growth for the next 4-5 years”.

Schembri explained that the move should put investors’ minds at ease knowing the exchange will now have the legal framework to operate in a government regulated environment. He also believes that the move will “result in further economic growth” for the country.

The historical bill passings further solidify Malta as the ‘Blockchain Island’ they set out to be. In recent months, Malta’s welcoming environment for cryptocurrency exchanges has lured the likes of Binance, BitBay, and OKex, who will be setting up operations in the future.