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
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
09

MFSA issues consultation paper with the Financial Services Industry with Regards to the Virtual Financial Assets Regulations to be Issued under the Virtual Financial Assets Act

MFSA issues consultation paper with the Financial Services Industry with Regards to the Virtual Financial Assets Regulations to be Issued under the Virtual Financial Assets Act
The Malta Financial Services Authority ("MFSA") issued a consultation paper addressed to the financial services industry with regards to the Virtual Financial Assets Regulations to be issued under the Virtual Financial Assets Act ("VFA Act")   The aim of the proposed Regulations is to safeguard financial stability, promote market integrity and ensure investor protection by introducing the following: ​ Exemptions: Theproposed Regulations will set out a list of persons who shall be exempt fromthe requirement of a VFA services licence in terms of the VFA Act, so...
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Jun
27

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

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 Act The Innovative Technology Arrangements an...
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May
22

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

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, whic...
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