The Maltese government is enacting its Cryptocurrency and Blockchain regulation ahead of Malta Blockchain Summit, moving towards its goal to become the global hub for blockchain-inspired innovations.
While other jurisdictions around the globe are either cracking down on cryptocurrencies and ICOs or adopting a hide-wait-and-see approach, the Mediterranean island country and smallest member of the European Union is creating a comfortable regulatory environment for the newly born industry that can become the next big thing after the Internet and disrupt almost every aspect of our everyday life.
In July, the Maltese government approved three bills that provided a regulatory framework for cryptocurrency and blockchain industry.
After a period of consultations with Malta Financial Services Authority (MFSA) and Malta Digital Innovation Authority (MDIA), the government has announced that the much-awaited Virtual Financial Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS) would come into effect as of November 1, 2018.
The Innovative Technology Arrangements and Services Act will provide the legislative basis for blockchain and crypto regulation, while The Virtual Financial Assets Act will set up the procedures and requirements for ICO projects, including the need to disclose its financial history.
The announcement coincides with the upcoming Malta Blockchain Summit that will take place in St. Julians and become the official platform for promoting the benefits of the newly-regulated Blockchain Island for blockchain and cryptocurrency-related companies.
Malta Blockchain Summit CEO Eman Pulis commented on the announcement:
“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. This is a great opportunity for stakeholders and all 5,000 delegates attending the event.”