Malta's cryptocurrency related bill will be implemented in November
According to Cryptovest on September 27th, after consultations between the Malta Financial Services Authority (MFSA) and the Malta Digital Innovation Authority (MDIA), the Maltese government announced the Virtual Financial Assets Act (VFA) and the Innovative Technology Layout and Services Act (ITAS) will be implemented on November 1st this year.
MDIA will provide the legislative basis for blockchain and cryptocurrency regulation, while the VFA will establish relevant review procedures and requirements for ICO projects, including the need to disclose their financial history.
After the implementation of the acts, Malta Blockchain Summit will be held, which will become an official platform to make Malta a more friendly country for blockchain and cryptocurrency-related companies.
Eman Pulis, CEO of the Malta Block Summit, stated:
We’re delighted that the timing coincides so perfectly. We’ve always said that we’re here to support the conscious efforts being made at the national level to make Malta the primary jurisdiction for blockchain and DLT. We’re hoping that the Malta Blockchain Summit will serve as a showcase for the ecosystem, and will justify the efforts made by the Maltese government on the legislative front.
On August 16th, the Malta Financial Services Authority (MFSA) issued a virtual financial asset rule manual to regulate the issuers of virtual financial assets under the supervision of the Virtual Financial Assets Act (VFAA).
However, the publication of this manual has not been well received by financial service providers. Some even complain that the manual is too cautious and cumbersome to make the cryptocurrency and blockchain business more complicated in some aspects.
As early as July this year, the Malta Financial Services Authority (MFSA) has issued a statement stating that blockchain companies must wait until the most recent regulatory framework has taken effect before they can apply for approval and authorization.
Executive editor： Nino