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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  5777 Hits
5777 Hits
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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  5893 Hits
5893 Hits
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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  5273 Hits
5273 Hits
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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  3879 Hits
3879 Hits
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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  3949 Hits
3949 Hits