Aug
01

MFSA Issues consultation paper on the Virtual Financial Assets Rules for Issuers of Virtual Financial Assets

MFSA Issues consultation paper on the Virtual Financial Assets Rules for Issuers of Virtual Financial Assets
​ The Malta Financial Services Authority ("MFSA") has issued a consultation paper on the Virtual Financial Assets Rules which will be applicable to Issuers of Virtual Financial Assets to be issued in accordance with the Virtual Financial Asset Act. This consultation document is in line with the MFSA's proposal of issuing a rule book to be titled the "Virtual Financial Assets Rulebook" which will be subdivided into three parts: ​ Chapter 1: Virtual Financial Assets Rules for VFA Agents Chapter 2: Virtual Financial Assets Rules for Issuers of Virtual Financial Asset...
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Jul
27

The MFSA publishes Financial Instrument Test

The MFSA publishes Financial Instrument Test
This article was written by Dr. Christina Scicluna & Dr. Luke Mizzi . Following the Malta Financial Services Authority's (MFSA) consultation process the Authority has published a trial version of the financial instrument test which shall be carried out by issuers of Initial Coin Offerings (ICOs) prior to the offering of DLT assets to the public in or from within Malta and by persons providing any service and/or performing any activity, within the context of either the Virtual Financial Assets Act or investment services legislation. The test shall take place by...
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Jul
23

DLT Exchanges Under the Newly Enacted VFA Act

DLT Exchanges Under the Newly Enacted VFA Act
This article was written by   Dr. Luke Mizzi & Dr. Paul Felice .  The Maltese Parliament has approved and enacted three Acts aimed at regulating Distributed Ledger Technology (hereafter referred to as "DLT") and the services ancillary thereto. One of the said Acts is the Virtual Financial Assets Act (hereafter referred to as the "VFA Act") which regulates, amongst other aspects, the issuing of ICO/Virtual Financials Assets , ( hereafter referred to as a 'VFAs') in or from within Malta. One of the central activities regulated by the VFA Act is the set...
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Jul
23

Malta Approves Crypto Acts and Creates A Regulated Framework for ICOs and Exchanges

Malta Approves Crypto Acts and Creates A Regulated Framework for ICOs and Exchanges
This article was written by Dr. Christina Scicluna &  Dr. Jonathan Tonna .  A new land of opportunity for stakeholders in the cryptocurrency revolution has emerged. The Maltese Parliament has, on Friday 20 th July approved three new pieces of legislation, laying the foundations for Malta's so-called "Innovative Technology" sector, and establishing the smallest EU member state as one of only a handful of jurisdictions worldwide with a fully regulated industry for businesses operating in distributed ledger technology ("DLT") sector.  The cont...
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Jul
19

ICO IMPOSES EUR224,000 FINE FOR ‘BCC’/’CC’/’TO’ BLUNDER

ICO IMPOSES EUR224,000 FINE FOR ‘BCC’/’CC’/’TO’ BLUNDER
Before clicking 'Send', check and check again! Sending an email to the wrong recipient is perhaps one of the most common types of data breach that can occur. One example is erroneously sending a Carbon Copy ('CC') email or an email with recipients in the 'TO' field instead of a Blind Carbon Copy ('BCC') email. This can have serious implications in terms of general confidentiality obligations as well as significant implications in terms of the EU General Data Protection Regulation ('GDPR') which came into effect across the EU, including Malta, on 25 th May 2018. Th...
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