Malta to Regulate ICO’s and Cryptocurrencies
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22 May
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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

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