News -

Malta DLT Acts Officially Enforced

The remaining two Blockchain acts take force of law 


On the 1st November 2018, the final two Blockchain Acts officially came into force. Following a transitory period during which all licence conditions must be met, operators of DLT-based businesses will have to operate within defined parameters. This will give their clients the peace of mind that for the first time, a DLT or crypto business has been examined by a regulator and meets a high standard. . These acts, the Innovative Technology Arrangements and Services (ITAS) Act and the Virtual Financial Assets (VFA) Acts are the final Blockchain acts to be enforced, following the launch of the Malta Digital Innovation Authority (MDIA) Act in July 2018.

How will consumers benefit from this?

Most countries around the world have yet to acknowledge the Blockchain revolution that is currently taking place, however, Malta has taken a leading position within the industry by being the first jurisdiction in the world to regulate DLTs. The future-proof legislation also provides clarity on the classification of DLTs, licence requirements and, where relevant, the application of existing EU or national law.

Malta’s Position

The enactment of three Blockchain Acts consolidates Malta as a Fintech hub within the EU and a pioneer within the blockchain industry, embracing the Blockchain revolution. Various other incentives have been introduced this past year with the aim of supporting and developing the use of Blockchain. Blockchain Scholarships have been launched by the University of Malta, giving students the opportunity to obtain Masters and Doctorate degree in DLT, while government agencies are acticvely analysing the potential of DLT to their areas of responsibility. 

Related links

Topics

  • Law

Categories

  • dlt
  • maltacrypto
  • finance
  • crypto
  • virtual currencies
  • malta
  • fintech
  • cryptocurrencies
  • blockchain

Contacts

Related content

  • Malta cryptocurrency bills went public

    The Maltese Government has issued three cryptocurrency bills, namely the Virtual Financial Assets Act, the Malta Digital Innovation Authority Act and the Innovative Technology Arrangements and Services Act, thus reaffirming once again Malta’s leadership in the global race towards legalising virtual currencies.

  • The New Malta Gaming Act: The Effects so Far

    The new Malta Gaming Licence Act has confirmed Malta as a compliant and leading jurisdiction in the gaming industry. Dr Silvana Zammit explains how the law has seen gaming companies present new means of operation, resulting in consolidation.

  • The Blockchain Report: Insight into Blockchain laws around the World

    Chetcuti Cauchi Advocates has taken the initiative of producing a report which analyses the different approaches governments around the world have taken towards the Blockchain industry. By analysing such regulations, the report is able to determine the impact these will have on blockchain-based businesses.

  • The MDIA Launched at the DELTA Summit in Malta

    The Malta Digital Innovation Authority has officially been launched, allowing for the setting up of the authority responsible for innovative technologies. This authority must strike a balance between establishing regulations to follow, whilst at the same time not hindering innovation within the industry.

  • World 1st Comprehensive DLT Legislation enacted in Malta

    The Maltese Parliament has approved three Bills aimed at seamlessly regulating DLTs, i.e. blockchain, cryptocurrencies, and ICOs. Malta is not the first to regulate this sector, but it will be the first to have a comprehensive legislative framework.

  • Three Malta blockchain bills approved at second reading

    The Maltese Parliament has been the first to unanimously approve three blockchain bills. The unanimous approval was announced by Hon. Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri on the 26th June. It has also been held that Mr Stephen McCarthy has duly been appointed the CEO of the newly established Malta Digital Innovation Authority.

  • Malta Launches Artificial Intelligence Vision

    Malta has developed a national strategy for the development of Artificial Intelligence. This policy will bring about further economic growth within the industry of digital innovation. In such a way, Malta will continue to develop as a leader within the digital innovation industry. The strategy will create an environment in which to bring about the proper development of industry.

  • First Sandbox Phases for VFAs begin

    With the first two phases of the Sandbox now implemented, gaming operators in Malta can now use VFAs and DLTs within the industry.

  • MFSA’s Vision 2021: Safeguarding Malta’s Financial Services

    The MFSA announced a three-year reform to further safeguard practices within the financial industry. MFSA’s Vision 2021 continues to strengthen the country’s investment in finance and provides a forward thinking approach towards technological development.