Industry Waits For Malta's Crypto Laws To Take Effect
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Main page News, Malta

Recently Malta approved three blockchain friendly laws, that aim to create a “holistic legislative framework regulating blockchain”, however, Malta’s Financial Services Authority (MFSA) shared that one of these laws is not yet in effect.

The Virtual Financial Assets Act that was passed earlier this month, came together with the introduction of a new regulatory system, the Malta Digital Innovation Authority, that will be in charge of overseeing the blockchain-related sector.

The "Blockchain Island" is on its way to becoming the first country with a system of regulating blockchain businesses and transparent laws, attracting to its shores such crypto players as Binance, OKex and BitBay. However, before a request from the crypto companies for approvals and authorizations can be filed, the bill must be publicly announced in the government gazette. At the moment there is no definite date when this will happen.

WHY IS THIS IMPORTANT?

  1. Malta is to provide legal certainty for crypto companies, creating a good ecology there for blockchain-based businesses.
  2. The "Blockchain Island" could be one of the first countries to show in practice, that is possible to create a regulatory system, that allows crypto firms to peacefully coexist with the established financial sphere.
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