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Telecoms, Media & Technology

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 setting up and operation of a DLT exchange and a VFA exchange. The VFA…
Luke Mizzi
23rd July 2018
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Telecoms, Media & Technology

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 20th 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 content of the three laws have been discussed in previous Mamo TCV publications, particularly as they pertain to the regulation of ICO and cryptocurrency exchanges. What…
Ian Busuttil
23rd July 2018
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Telecoms, Media & Technology

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 20th 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 content of the three laws have been discussed in previous Mamo TCV publications, particularly as they pertain to the regulation of ICO and cryptocurrency exchanges. What…
Ian Busuttil
23rd July 2018
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Telecoms, Media & Technology

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 25th May 2018.This is exactly what happened in February 2017…
Claude Micallef Grimaud
19th July 2018
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Telecoms, Media & Technology

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 25th May 2018.This is exactly what happened in February 2017…
Claude Micallef Grimaud
19th July 2018
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Insurance & Reinsurance

Publication of the Insurance Distribution Act and Insurance Distribution Rules

i. The Insurance Distribution ActOn the 10th July 2018, Act No. XXVI of 2018 was published bringing about changes to the Insurance Intermediaries Act (to be renamed as the 'Insurance Distribution Act' and which transposes the Insurance Distribution Directive (the 'IDD'). Act No. XXVI of 2018 shall come into force once the Commencement Notice is published in the Government Gazette.ii. Insurance Distribution RulesOn the 12th July 2018, the MFSA announced the publication of Insurance Distribution Rules (the 'IDRs') issued under the Insurance Distribution Act (Cap. 487) the main objective of which is to transpose the remaining provisions of the IDD. The IDRs…
Petra Attard
17th July 2018