The Maltese government, wanting to make the country even more friendly to cryptocurrencies, developed and unanimously adopted three bills related to blockchain technology.
Maltese law firm Chetcuti Cauchi Advocates says that due to the rapid development of blockchain businesses, many entrepreneurs and technical service providers do not know how to regulate and license their businesses. Malta is currently one of the first jurisdictions to develop regulation for the blockchain sector.
The first bill (MDIA Bill) provides for the necessary procedures for technology certification and registration of technology service providers, and also provides for the creation of the Malta Digital Innovation Authority (MDIA), which will enforce the implementation of this law by service providers. Stephen McCarthy was appointed Director General of the Authority.
The second bill (ITAS Bill), the Innovative Technologies and Services Act, provides a list of requirements for registration as a technology service provider, as well as a process for certifying technology agreements.
The third bill (VFA Bill), the Digital Financial Assets Act, will regulate activities related to initial coin offerings (ICOs), cryptocurrency exchanges and services related to digital currencies. This bill will regulate the activities of cryptocurrency brokers, exchanges, asset managers, investment advisors, wallet providers and other participants in the cryptocurrency market.
Under this law, distributed ledger assets and virtual financial assets will be in different categories, and a financial instruments test will be used to determine the appropriate category. This will allow you to determine and control what assets a particular platform can trade.
You May Also Like
Zelensky vetoed the law “On virtual assets”
The Law “On Virtual Assets,” adopted by Ukrainian deputies early last month, was returned by the President for reconsideration.
The ruble and the Russian stock market showed a record decline
The geopolitical factor severely collapsed the Russian stock market on February 21. While the Security Council was discussing the recognition of the independence of the Donetsk and Lugansk People's Republics, stock indices fell one after another.
