Further to its efforts to place Malta as a hub for digital innovation, the Maltese Parliament has, on the 26th of June, approved forthcoming laws concerning Distributed Ledger Technology ('DLT'). These come in the form of three pieces of legislation, namely Malta Digital Innovation Authority ('MDIA') Act, the Innovative Technology Arrangements and Services ('ITAS') Act, and the Virtual Financial Assets ('VFA') Act. The Approved Bills will now pass on for Presidential assent and promulgation of the final Acts in the official Government Gazette.
The legislative proposals provide the general framework for crypto regulation in Malta and as such will be supplemented by the Rules and Regulations from the Malta Financial Services Authority – the single regulator for financial services in Malta and the Competent Authority in terms of the VFA Act – as well as in terms of the newly established MDIA. It expected that the said Rules and Regulations will be published for consultation by all stakeholders in the short term.
The nation's meticulous approach which is widely regarded as affording a balance between regulation and flexibility in allowing businesses headroom within which to thrive has already attracted a number prominent members in the industry, such as Tron, Monaco, The Abyss, BigONE, Binance, OKEx, and DQR to Malta's shores.
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