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Ian Busuttil

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Telecoms, Media & Technology

Maltese Parliament has unanimously approved second reading of all three Cryptocurrency/Blockchain/DLT Bills

The Maltese Parliament has yesterday, Tuesday 26th June unanimously approved three Bills during a second reading in Parliament as announced by Parliamentary Secretary for Digital Innovation Hon. Silvio Schembri. This milestone development will make Malta one of the first countries to soon adopt a legal framework for ICO's, Exchanges and Innovative Technologies and position Malta as an attractive jurisdiction for investors and operators in the industry. The Bills are the following:The Malta Digital Innovation Authority ActThe Innovative Technology Arrangements and Service ActThe Virtual Financial Assets Act which introduces a legal framework for the regulation of ICO's and Exchanges The next…
Ian Busuttil
27th June 2018
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Telecoms, Media & Technology

Second Reading in Parliament for Blockchain Bills: The Virtual Financial Assets Act and the legal framework for ICO’s

The Maltese Government has presented the much anticipated Virtual Financial Assets Bill (the "Bill") for its second reading in Parliament. The Bill provides further clarity as to the manner in which virtual assets (termed "Virtual Financial Assets" ("VFA") will be regulated in Malta, specifically in relation to the issuing of ICOs in or from or within Malta.This includes the necessary license requirements and conditions which must be adhered to by individuals or entities who issue VFAs or who provide certain specified activities in relation to VFAs. The Bill, which aims to enhance investor protection and market stability, is in line…
Ian Busuttil
22nd May 2018
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Telecoms, Media & Technology

Second Reading in Parliament for Blockchain Bills: The Virtual Financial Assets Act and the legal framework for ICO’s

The Maltese Government has presented the much anticipated Virtual Financial Assets Bill (the "Bill") for its second reading in Parliament. The Bill provides further clarity as to the manner in which virtual assets (termed "Virtual Financial Assets" ("VFA") will be regulated in Malta, specifically in relation to the issuing of ICOs in or from or within Malta.This includes the necessary license requirements and conditions which must be adhered to by individuals or entities who issue VFAs or who provide certain specified activities in relation to VFAs. The Bill, which aims to enhance investor protection and market stability, is in line…
Ian Busuttil
22nd May 2018
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Telecoms, Media & Technology

Maltese Government Presents DLT and Cryptocurrency Bills to Parliament for Approval

The much awaited Bills which will implement a legal framework for Distributed Ledger Technology ("DLT") and cryptocurrencies, as anticipated by the Consultation Document on Blockchain, Distributed Ledger Technology and Virtual Currencies have been approved by Cabinet and have been presented to Parliament for their first reading.The three Bills which have been presented to Parliament on Tuesday 24th March are the following:​Malta Digital Innovation Authority Bill: The Bill establishes the Malta Digital Innovation Authority ("the Authority") and will focus on internal governance arrangements. The affairs and business of the Authority will be carried out by a Board of Governors. This Bill…
Ian Busuttil
25th April 2018
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Telecoms, Media & Technology

Maltese Government Presents DLT and Cryptocurrency Bills to Parliament for Approval

The much awaited Bills which will implement a legal framework for Distributed Ledger Technology ("DLT") and cryptocurrencies, as anticipated by the Consultation Document on Blockchain, Distributed Ledger Technology and Virtual Currencies have been approved by Cabinet and have been presented to Parliament for their first reading.The three Bills which have been presented to Parliament on Tuesday 24th March are the following:​Malta Digital Innovation Authority Bill: The Bill establishes the Malta Digital Innovation Authority ("the Authority") and will focus on internal governance arrangements. The affairs and business of the Authority will be carried out by a Board of Governors. This Bill…
Ian Busuttil
25th April 2018
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Corporate and M&A

Extension for reduced rate of stamp duty on the transfer of a family business

The reduced rate of stamp duty applicable to the transfer of shares in a family business from 2% to 1.5% has been extended for a further period of six months until 30th September 2018, in accordance with Legal Notice 82 of 2018 entitled Duty on Donations of Marketable Securities and Immovable Property Used for Business (Exemption) Order.The reduction in stamp duty applies in relation to:​The transfer of shares in a Maltese registered company and includes the transfer by means of donation by qualifying family members, which is defined as being a donation to one's spouse or partner in a civil…
Ian Busuttil
23rd April 2018