The Maltese government is introducing specific digital assets laws – and they come into force this year…
As governments around the world wrestle with just what their approach to cryptocurrency is going to be, Malta continues to pave the way forward. It’s notably friendly towards cryptocurrencies and blockchain technology, and it’s now been ratified that it’s adding to its statute book a series of bills to put regulations and a framework in place. What’s more, those bills are pressing forward before the end of the year.
As such, the Innovative Technology Arrangement and Services Act (ITAS) and the Virtual Financial Assets Act (VFA) both become law in Malta as of 1st November 2018.
In terms of what they both mean, the former puts the foundation of regulation for blockchain and cryptocurrency firmly into place for the island. The latter, meanwhile, is establishing requirements and policies for ICOs. Chief among them being disclosure of financial history behind any such project.
Both are seen as regulation, but friendly and relatively welcoming regulation.
This bills were formally approved by the government of Malta back in July, and they make Malta one of the first countries on the planet to bring specific crypto-related legislation into law. It’s not likely to damage the country’s crypto-friendly reputation either. Quite the contrary, as the island looks set to welcome crypto and blockchain advocates and experts around the world for the upcoming Malta Blockchain Summit. That’s due to take place from the 1st to the 2nd of November – coincidentally just as the new acts become law…