Malta Is All Set to Become a Blockchain Hub for Crypto Companies With Financial Services Act Soon Coming Into Force

Malta Is All Set to Become a Blockchain Hub for Crypto Companies With Financial Services Act Soon Coming Into Force
ôîòî ïîêàçàíî ñ : blokt.com

2018-7-24 12:59

Malta previously released a new set of regulations in a bid to become the first blockchain island in the world. A triad of laws, namely the Virtual Financial Assets Act (VFA Act), the Innovative Technology Arrangement and Services Act (ITAS Act) and the Malta Digital Innovation Authority Act (MDIA Act), was passed earlier this month.

Now companies looking to relocate to Malta may not have to wait any longer as one of these laws, the Virtual Financial Assets Act (VFA Act), will soon be in force. The Malta Financial Services Authority (MFSA) said in a press release that the date of the enforcement would be decided by the Minister for Digital Economy, which will be subsequently published in the Government Gazette.

New Press Release Clarifies Affairs

The MFSA, as suggested by the press release, is currently working on the Virtual Financial Assets Framework, underlying and complementing the VFS Act. The said body published a “Consultation Paper on the Virtual Financial Assets Regulations” on July 4 and opened it for feedback. The consultation period ended on July 20.

A second consultation paper, “Consultation Paper for Virtual Financial Assets Rule for VFA Agents,” was published on July 12, which issued Chapter 1 of the proposed Virtual Financial Assets Rulebook. The consultation period will end on July 31.

Following this, the MFSA will also present Chapter 2 (Virtual Financial Assets Rules for Issuers of Virtual Financial Assets) and Chapter 3 (Virtual Financial Assets Rules for VFA Service Providers) of the Rulebook in the upcoming weeks. The government will enforce the law after all consultations are received and studied.

The press release states:

“The MFSA wishes to highlight that the Framework is in the meantime not yet in force. Therefore, the MFSA will be in a position to start receiving requests for approvals and authorizations under the Act once the Framework is operational.”

It also suggests that the developments and updates in this regard will be made available on their website.

Boost for Malta’s Economy

Given that companies like some big names in the industry are planning a move to Malta, the country could be hugely benefited by foreign money and could build a stronger economy as well. Both Binance and Monaco had announced in March that they would be opening an office in Malta. Prime Minister Joseph Muscat also met investors who were looking to invest in the country.

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