Virtual Financial Asset Act and Innovative Technology Arrangements and Services Act to come into force on the 1st November 2018

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Legal Notice 307 of 2018 has been published on the 25th September, 2018 which establishes the 1st November 2018 as the date of entry into force of the Virtual Financial Asset Act, Chapter 590 of the Laws of Malta.

The Virtual Financial Asset Act will regulate the issuing of ICO's in or from within Malta, the operation of exchanges and the provision of VFA services, while safeguarding market integrity, protecting consumers and ensuring a higher degree of investor protection.

Legal Notice 306 of 2018 was also published on the 25th September, 2018 and this Legal Notice also establishes the 1st November 2018 as the date of entry into force of the Innovative Technology Arrangements and Services Act, Chapter 592 of the Laws of Malta.

The Innovative Technology Arrangements and Services Act ("ITAS") provides for the regulation of designated innovative technology arrangements and innovative technology services as referred to in the ITAS. The ITAS is intended to work in parallel with the Malta Digital Innovation Authority Act, Chapter 591 of the Laws of Malta, which came into force on the 15th July, 2018. The ITAS provides that an arrangement or service having the characteristics of an ITA or ITS is eligible to be recognised as such by the Malta Digital Innovation Authority (the 'Authority'), subject to the Authority's written ruling on eligibility.


Disclaimer
This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not hesitate to contact Dr. Katya Tua or Dr. Christina Scicluna.

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