The Maltese government passed a bill regulating ICO’s & Cryptocurrencies and related matters today. The 63 page document, published by authorities, clarifies legal definitions of cryptocurrency and Blockchain related concepts and provides a solid legal ground for investors. Bill’s short title is the “Virtual Financial Assets Act, 2018”.
The document covers the following topics:
- Initial VFA Offerings (ICO’s)
- Licensing Requirements
- Application, Grant, Cancellation, etc. of Licences
- Board of Administration and Obligations of Licence Holders
- Prevention of Market Abuse
- Regulatory and Investigatory Powers
- Duty of Auditors
- Appeals, Remedies, Sanctions and Confidentiality
Bill is also setting rules for matters to be specified in a Whitepaper of an issuer, requirements for its approval and publication. It is also underlining a definition of Virtual Financial Assets Services.
Malta is one of the leading European countries advocating crypto friendly regulations and encouraging Fintech innovation.
By Nadya Astam