Maltese Parliament to pass Second Reading on 3 Cryptocurrency Bills. “The Virtual Financial Assets Act” (VFA) was reviewed on our site earlier. The document regulating the ICO area will oblige every ICO project to publish its White Paper and to describe in detail every significant aspect of a project as it gears for fundraising. All financial data of the ICO is also to be published.
Why it is important
- Normative documents will contribute to strengthening the country's position, which is now considered one of the most friendly jurisdictions for cryptocurrency business. 1. Also, new regulations are designed to eliminate legal uncertainty and improve the investment climate in the country.
The second bill named “The Malta Digital Innovation Authority Act”, (MDIA) is referring to the creation of an industry regulating authority. This organization will be responsible for supporting, developing and implementing technological innovations, including distributed registry. MDIA will also regulate various services working with the new technologies.
The third bill dubbed “The Innovative Technology Arrangements and Services Act” provides standards for innovative technologies and services. In fact, it's set to form the basis for the other two laws listed above to function. It outlines the criteria for recognizing companies that deal with blocking solutions in Malta's current legislation.
Earlier two largest cryptocurrency exchanges — Binance and OKEx have announced their plans to make Malta the center of their business. Other crypto exchanges will most likely follow the move according to experts.
By Nadya Astam