After the approval by the country’s Parliament, the Maltese Government has now announced that the Virtual Financial Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS) will come into effect from November 1, 2018. This Malta’s cryptocurrency regulation act and blockchain technology regulatory provisions choice came after discussions between Junior Minister Silvio Schembri and the Malta Financial Services Authority (MFSA) and Malta Digital Innovation Authority (MDIA). It is now moving towards its goal to become the global hub for blockchain-inspired revolutions. These Acts are also part of the June regulatory proposals.
The announcement agrees with the future Malta Blockchain Summit that will take place in St. Julians and develop the authorized platform for endorsing the advantages of the newly-regulated Blockchain Island for blockchain and cryptocurrency-related companies. The beginning date of these Acts corresponds flawlessly with the launch date of the first edition of the Malta Blockchain Summit. The Malta Blockchain Summit will hold on the November 1 and 2, 2018
The Innovative Technology Arrangements and Services Act will offer the legislative basis for blockchain and crypto regulation, whereas The Virtual Financial Assets Act will set up the ways and requirements for ICO projects, comprising the requirement to reveal its monetary history. Malta cryptocurrency regulation will be working towards blockchain, cryptocurrency and DLT (Distributed Ledger Technology), as stated in Cryptovest.
In July, the Maltese government approved three bills that provided a regulatory framework for cryptocurrency and blockchain industry. As the per Ethereum World News, the development was announced by the country’s Junior Minister for Financial Services, Digital Economy and Innovation.
Malta has taken a main step with the three bills. This first bill says that the Malta Digital Innovation Authority will concentrate on the duties of the Authority. The second bill will deal with the registration of Technology Service Providers and certification of Technology focusing towards the creating of exchanges, and the third bill gave the info and regulatory outline for ICOs in the country. Malta cryptocurrency regulation has now set itself apart from the rest by giving clear rules in regards crypto and blockchain.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]