Malta publishes three Bills that regulate Cryptocurrencies | Corporate and Financial Services Provider in Malta

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Malta publishes three Bills that regulate Cryptocurrencies

The Government of Malta has recently approved and published three new bills which together create a regulatory framework for the cryptocurrency market. The three bills are The Virtual Financial Assets Bill, the Malta Digital Innovation Bill and the Innovative Technology Arrangements and Services Bill.

The Virtual Financial Assets Act (VFA)

This VFA deals with the regulation of initial coin offerings (ICO) and states that projects attracting funding through ICO are obliged to publish White Papers. These are a prerequisite imposed by the Maltese authorities and should contain a description of every aspect involved in such project. In addition the bill requires that the issuer’s financial history must be made public. Download Bill.

The Malta Digital Innovation Authority Act (MDIA)

The MDIA infers that an industry-specific governing body will be set up. Such an authority will be responsible to support the  development and implementation  of  the  guiding  principles  described  in  this  Act  and  to  promote consistent  principles  for  the  development  of  visions,  skills,  and  other  qualities relating   to   technology   innovation,   including   distributed   or   decentralised technology. Moreover it will exercise regulatory functions regarding innovative technology, arrangements and related services. Download Bill.

The Innovative Technology Arrangements and Services Act

This bill concerns the regulation of designated innovative technology arrangements. It will be the mechanism by which blockchain-based enterprises are recognised as such under the law, and as such will be the basis for the previous two bills to operate. Download Bill.

The introduction of these new bills gives any interested investor a clear picture of the legal framework required to set up a legitimate cryptocurrency business in Malta. Malta is proving itself to be at the forefront in creating a cryptocurrency-friendly jurisdiction and indeed has already attracted two of the biggest cryptocurrency exchanges in the world to set up offices on the island.

As a leading Corporate Services Provider in Malta, CSB Group is able to provide further information and assistance on what Malta has to offer in relation to cryptocurrencies. Please do not hesitate to contact us on [email protected] or +356 2557 2557.

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CSB Group
[email protected]

+356 2557 2557