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
Russia legalizes cryptocurrency to circumvent US sanctions
Russia plans to respond to international sanctions by legalizing cryptocurrencies. According to the authorities, Bitcoin will become an important tool in the confrontation between the United States and Russia.
Gary Gensler: "The SEC is ready to take tough measures to protect crypto investors"
The head of the SEC is ready to take tough measures to protect crypto investors if the industry continues to ignore the legal requirements of the regulator.
