While the Blockchain and Cryptocurrency bills were passed into law on Friday 20th July 2018, the Malta Financial Services Authority (MFSA) advised that the framework for these laws was still in a creation phase.
To aid this exercise, the MFSA initiated a consultation phase to gather stakeholders’ opinion on the new Acts and ensure that they are well informed on what their enactment will entail. Opinions received from this consultation range from exemptions to fees and administrative penalties which are related to the VFA Act.
Once the consultation period reaches its end on the 27th of July, the MFSA will then be issuing final rules and regulations for the VFA Act. It also announced that the Blockchain and Cryptocurrency laws will become effective on 1st October 2018. For this reason MFSA advised the operators to wait for this announcement before sending requests for approvals and authorisations.
The consultation opened by the MFSA is a normal procedure that will allow enough time for all stakeholders to adjust during this transitory period and for the regulator to take informed decisions on the best way forward.
For more assistance required on the subject please contact us on [email protected] or +356 2557 2557.