Malta – Billionaire365

Blockchain Technology Companies In Malta Should Wait Before Applying For New Authorizations And Approvals

The Malta Financial Services Authority (MFSA) stated in a press release that blockchain companies must now wait until a freshly adopted legal framework is in place prior to applying for authorizations and approvals, as the Times of Malta noted.

In a declaration recently released, the MFSA announced that it is currently working on a new framework that will back up newly enacted blockchain regulations so that operators should wait until the agency announces a public notice before applying for permits and authorizations.

The Virtual Financial Assets Act (VFAA), which the Parliament of Malta approved on July 5th, will govern general Distributed Ledger Technology (DLT). With this new regulation, Malta is the first nation in the world to provide legal security for blockchain businesses.

The Times of Malta reports that in the last few weeks the MSFA has been reviewing stakeholders’ views on the proposed new blockchain regulations, and examining a number of concerns regarding the VFAA, ranging from fees to management penalties.

Malta to become the world’s first blockchain technology nation

Also, MFSA is allegedly conducting inquiries into a so-called law book of standards for the newly adopted legislation, the first of which is open through the end of July. The MFSA will subsequently release two additional sections, which will cover the issuers and service suppliers of the VFAA. By the end of the period of consultation, MFSA will issue the final blockchain regulations and guidelines for the VFAA to allow for the implementation of the new rules.

Malta now aims to establish a crypto-friendly environment and develop into a “blockchain island.” A number of crypto and blockchain businesses have been set up in Malta, such as the cryptocurrency exchanges and wallets Binance, OKex, and BitBay.

Binance, at the beginning of this month, reported its intention to launch a bank built on a token-owned blockchain. The forthcoming Founders Bank is to be the property of digital token investors and is to be headquartered in Malta and aims to be the world’s first decentralized, community-owned bank.

Anna Galvez

Malta Becomes The First Country To Adopt Comprehensive Blockchain And Cryptocurrency Legislation

Malta passed the three bills that will regulate the entire blockchain and cryptocurrency space on the so-called Blockchain Island. The Prime Minister of the country, Joseph Muscat, confirmed in a press conference that the parliament unanimously reaffirmed its decision to approve the three projects, which reach legal status with the names of Digital Innovation Law, Law of Innovative Technology Arrangements, and Services and Law of Virtual Financial Assets.

Malta, officially the first country in the world to have a holistic legislative framework regulating blockchain and DLT technology. We will be the global hub for market leaders in this new sector. Now let’s move on to the implementation of Blockchain Island.

Joseph Muscat, PM of Malta

The Parliamentary Secretary for Digital Innovation and Finance of Malta, Silvio Schembri, then issued a tweet to disseminate the announcement, stating that with the legal status of these three projects, Malta becomes the first jurisdiction to provide full legal certainty in the blockchain and cryptocurrency ecosystems.

This is the final stage of legislation that will put Malta on the international map of blockchain and kryptonite regulation. There is political consensus on this roadmap and we anticipate that this area will become the pillar of our growth for the next 4-5 years.

Silvio Schembri

Malta adopted three projects that will comprehensively regulate blockchain and cryptocurrency

Malta’s Digital Innovation Act will allow for the establishment of the Malta Digital Innovation Authority (MDIA), which will operate autonomously and independently and will be responsible for all matters relating to technological innovation and its forms of use. In its initial phase, it will only regulate blockchain technology and smart contracts, but will also promote government policies, educate on technological fixes and encourage the advancement, design, and use of innovative technology.

On the other hand, the Law of Innovative Technology Arrangements and Services, which will be in charge of establishing the regulations required by the MDIA to operate with cryptocurrency, it will include registration of service providers, system administrators and auditors, as well as certification of technological arrangements.

Finally, the Virtual Financial Assets Act will establish the regulatory regime of the blockchain and cryptocurrencies market in order to ensure that the fundamental principles of financial regulation are complied with, that the investor is protected and that financial integrity is provided.

Anna Galvez