The "Authority" in this Act refers to the Malta Digital Innovation Authority. The purpose of the bill is to guide the authoritative body in recognizing and regulating innovative technology arrangements and services. In this bill, "innovative technology arrangements" are defined as:
- software and architectures which are used in designing and delivering Distributed Ledger Technology (DLT) which ordinarily, but not necessarily:
- uses a distributed, decentralized, shared and, or replicatedledger;
- may be public or private or hybrids thereof;
- is permissioned or permissionless or hybrids thereof;
- is immutable;(e) is protected with cryptography; and
- is auditable
- smart contracts and related applications, including decentralised autonomous organisations, as well as other similar arrangements;
- any other innovative technology arrangement which may be designated by the Minister, on the recommendation of the Authority, by notice from time to time.
Certification of Innovative Technology Arrangements Principles relating to certification. The Authority may certify different innovativetechnology arrangements for one or more specified purposes and withreference to one or more specified: qualities; features; attributes; behaviours; or aspects, as may be determined by the Authority, and which shall be stated in the certification.
This Act is part of three Acts introduced by Malta, including the Malta Digital Innovation Authority Act (MDIA) and the Virtual Financial Assets Act (VFAA).