An Act to establish the Malta Digital Innovation Authority, which will regulate and develop framework for innovation, such as framework concerning Distributed Ledger Technology (DLT), blockchain technologies, smart contracts and the components of its development, including certifying service providers and technology arrangements under the Innovative Technology Arrangements and Services Act..
The Act also establishes the Joint Regulatory Efficiency Board whose role is to ensure effective cooperation between the Authority and the other competent authorities in the area of innovative technology uses which fall under the Digital Innovation Authority Act.
Generally the objectives of the Digital Innovation Authority are to (and in relation to innovative technology arrangements)
- to promote policies that favor innovative technology arrangements, their usage and ethical standards;
- to protect users of innovative technology arrangements, including consumers and the public;
- to harmonise practices, facilitate the adoption of standards on innovative technology arrangements with international norms, standards, rules (in Malta and internationally, especillay the European Union);
- to assist relevant authorities in safeguarding the data protection rights of data subjects, in protection of vulnerable persons and the promotion of fair competition and consumer choice;
- to promote (if required to enforce) ethical and legitimate criteria in and related to the design and use of innovative technology arrangements;
- collaborate with relevant other parties to engage in anti-money laundering and the prevention of financing of terrorism and crime (AML / CFT), especially as related to innovative technology arrangements;
- to promote transparency and auditability in and related to the use of innovative technology arrangements;
- to promote ease of accessibility and the right of exit, withdrawal or termination of participation regarding innovative technology arrangements;
- to promote legal certainty in the application of laws, in a national and cross-border context, and the development of appropriate legal principles for the effective application of law to innovative technology arrangements.