The Malta Financial Services Authority’s recent consultation on Decentralised Finance comes at a time when the digital assets market is becoming more serious, more regulated and more connected to traditional finance. Crypto is no longer only a s
Read more
The financial sector is undergoing rapid transformation driven by FinTech innovations, which are reshaping traditional practices and introducing new ways of conducting business. Among these groundbreaking technologies, smart contracts have emerged
Read more
The Markets in Crypto-Assets Regulation (“MiCA”), published in the Official Journal on June 9 2023, creates a thorough regulatory framework that addresses openness, disclosure, and supervision for issuers and service providers of crypto-assets
Read more
Introduction The Financial Intelligence Analysis Unit (the “FIAU“) has announced that the European Banking Authority (the “EBA“) has issued new Guidelines on the ‘travel rule’ under the revised Transfer of Funds
Read more
On 23rd August 2023, the Malta Financial Services Authority (the “MFSA” or the “Authority”) informed the relevant stakeholders of the steps that it is taking to align the Virtual Financial Assets (“VFA”) Framework to the Markets in Cry
Read more
On the 23rd of June 2023, the Malta Financial Services Authority (the “MFSA”) issued a set of guidelines (the “Guidelines”) which shall aid FinTech companies understand how non-fungible tokens (“NFTs”) fit within the Maltese Virtual Fi
Read more
On the 30th of May 2023, the President of the European Parliament, Dr. Roberta Metsola, along with the Swedish Rural Affairs Minister Peter Kullgren, signed into law the Markets in Crypto Assets Regulation (“MiCA”). This came after the Parliam
Read more
Introductory Analysis During its June 2019 plenary meeting, the Financial Action Task Force (“FATF“) approved a significant change to one of its 40 Recommendations. Previously, Recommendation 16 required originator and beneficiary info
Read more
On the 20th of April 2023, the European Parliament voted on the landmark legislation which will regulate crypto currencies. Originally proposed by the European Commission, the proposed text was agreed upon on October 2022. Now after several rounds
Read more
On the 28th of March 2023, Members of the European Parliament (“MEPs”) from the Economic and Monetary Affairs and Civil Liberties, Justice, and Home Affairs committee approved stricter rules to close existing gaps in anti-money laundering and
Read more
Following months of consultations, discussions and proposals, the final version of the proposed Markets in Crypto Assets Regulation (“MiCA”) was approved by the European Council on the 5th of October 2022, confirmed by the Council’s Permanen
Read more
The proposal for a Markets in Crypto-Assets (“MiCA”) Regulation provides for a sound legal framework within the European Union (“EU”), in an area which remains mostly unregulated by existing financial services legislation. Once adopted, th
Read more
On the 24th of September 2020, the European Commission adopted a Digital Finance Package, which includes a digital finance strategy, together with three legislative proposals on Digital Operational Resilience Act (“DORA”), Markets in Crypto-As
Read more
The financial services sector is an ever-evolving field which will continue to grow and advance. This is understood by the European Union (“the EU”) and in 2020, the European Commission issued the Proposal for a Regulation on Markets in Crypto
Read more
The MiCA Proposal: Why is it important? On the 30th June 2022, the European Council and the European Parliament announced that a provisional agreement was reached on a proposal for a Market in Crypto-Assets (“MiCA”) Regulation. The MiCA propos
Read more
On the 12th July 2022, the Committee on Payments and Market Infrastructures (“CPMI”) and the International Organisation of Securities Commissions (“IOSCO”), published their final guidance on stablecoin arrangements confirming that the Prin
Read more
In 2019 the Financial Action Task Force (“FATF”) extended its anti-money laundering and counter- financing of terrorism (“AML/CFT”) measures’ oversight to also cover Virtual Assets (“VAs”) and Virtual Assets Service Providers (“VAS
Read more
On the 30th May 2022, Regulation (EU) 2022/858 (the “Regulation”), which introduces a pilot regime for Distributed Ledger Technology (“DLT”) market infrastructures, was formally signed by the co-legislators. The Regulation lays down requir
Read more
A crypto fund can be defined as a collective investment scheme managing a portfolio consisting mainly of cryptocurrencies. These types of funds are on the rise, mainly due to the rapid growth in value of several cryptocurrencies. The development o
Read more
The worldwide interest in Distributed Ledger Technology (“DLT”) is one of the main drivinig elements in the field of crypto. The local Maltese regulatory framework has served to further feed this interest in Malta. The Virtual Financial Assets
Read more
Being at the forefront in regulating the cryptocurrency sector, Malta has implemented several regulations which provide a regulatory framework for service providers to operate, while also ensuring that investors are protected. In this article we s
Read more
Alternative Investment Funds (“AIFs”) are established with the purpose to raise capital through non-traditional investment products which generally do not fall under the category of mainstream investments. In this respect, certain AIFs have al
Read more
On the 28th of October 2021, the Financial Action Task Force (“FATF”) published a document to update and expand its guidelines intended to help national authorities to further understand and regulate Virtual Asset (“VA”) activities and Vir
Read more
What are Sports Tokens? The ever-expanding world of cryptocurrency has recently taken its turn to enter into the popular and lucrative world of sport. News recently struck that a transfer of the highly renowned and talented football player Lionel
Read more
The scope of the Virtual Financial Assets Act, Chapter 590 of the Laws of Malta (“VFA Act”), is largely aligned with the Regulation of the European Parliament and of the Council on Markets in Crypto-Assets (“MiCA Regulation”), the latter a
Read more
On the 16th March 2021, the Legal Notice 105 of 2021, Company Service Providers (Exemptions) Regulations, 2021 came into force. These regulations identify persons who are exempt from obtaining authorisation is terms of the Company Service Provider
Read more
By means of a notice issued by the Malta Financial Services Authority (the “MFSA”) on the 15th July 2020, the MFSA reminded all licence holders of their obligations in relation to record keeping. In order to ensure consumer protection, complia
Read more
It is crucial that Europe grasps all the potential of digital age and strengthens its industry and innovation capacity, within safe and ethical boundaries. Digitalisation and technology are significantly transforming the European financial system
Read more
The Malta Financial Services Authority (“MFSA”) has received Letters of Intent from 34 prospective Virtual Financial Asset ("VFA") service roviders, 21 of which pertain to crypto-asset exchanges.These were operating under the transit
Read more
The UK Financial Conduct Authority ("FCA") has recently published its ‘Guidance on Cryptoassets – Feedback and Final Guidance to Consultation Paper CP 19/3 (the "Guidance"). The Policy Statement followed the ‘Guidance
Read more
The Malta Financial Services Authority ("MFSA") has today issued a Circular to Virtual Financial Asset Service Providers (the "Circular") addressed to those persons availing themselves of the transitory provision set out in Art
Read more
The European Central Bank ("ECB")has recently issued an Occasional Paper entitled "In search for stability in crypto-assets: are stablecoins the solution?" (the "Paper"). The Paper provides a description of stablecoin
Read more
On the 25th February 2019, the Malta Financial Services Authority (the “MFSA”) published the much-awaited Chapter 3 of the Virtual Financial Assets Rulebook (the “VFA Rulebook”). This Chapter is applicable to Virtual Financial Assets Ser
Read more
The Malta Financial Services Authority (“MFSA”) has published a Consultation Document on its FinTech strategy (“Consultation Document”), with the aim of adopting a strategy where the MFSA focuses its efforts towards supporting such industr
Read more
On the 25th January 2019, the Malta Financial Services Authority (“MFSA”) issued a Circular (the “Circular”) to provide a status update on the practical implementation of the Virtual Financial Assets (“VFA”) framework. Application for
Read more
The Malta Financial Services Authority (“MFSA”) has issued a Circular to Issuers of Virtual Financial Assets (the “Circular”) identifying the way forward for Issuers of Virtual Financial Assets (“VFA”). The Circular caters for VFA Issu
Read more
ESMA’s Advice to the EU Institutions on ICOs and crypto-assets The European Securities and Markets Authority (“ESMA”) has recently published its Advice to the European Union (EU) Institutions on initial coin offerings and crypto asse
Read more
The Office of Commissioner for Revenue has recently issued three guidelines relating to the taxation of transactions involving Distributed Ledger Technology Assets (“DLT Assets”). The guidelines provide insight on the Commissioner’s position
Read more
In light of the coming into force of the Virtual Financial Assets Act (“VFA Act”), the Financial Intelligence Analysis Unit (“FIAU”) has published a consultation document on the application of the anti-money laundering (“AML”) obligati
Read more
The highly anticipated Virtual Financial Assets Act (the “VFA Act”) will come into force on Thursday 1st November 2018, however the regulator has provided certain provisions for the smooth transition and implementation of the VFA Act. Indeed,
Read more
The newly established authority, the Malta Digital Innovation Authority (“MDIA”), which will be responsible for certifying Innovative Technology Arrangements and recognising service providers, such as Systems Auditors and Technical Administrat
Read more
The MFSA has issued a consultation paper on the proposed additional regulation in relation to Initial VFA Offerings to complement the Virtual Financial Assets Act (“VFA Act”) and the proposed rules set forth in other consultation documents, in
Read more
The Virtual Financial Assets Act, The Innovative Technology Arrangements and Services Act, and the Malta Digital Innovation Authority Act have been published today. For more details please contact us on [email protected]
The MFSA has published a consultation document on the proposed draft legal notice (“Consultation Document”) which serves as setting out supplementary rules to the (“VFA Act”) regulating Virtual Financial Assets (“VFAs”). The Consultati
Read more
Malta is set to become the first EU member state to regulate blockchain, DLT and cryptocurrencies, since on the 26th June, it was announced that Maltese Parliament has unanimously approved the three legislative bills on blockchain and Distributed
Read more
The Virtual Financial Assets (VFAs) Act lays down the minimum requirements which the Whitepaper shall contain in relation to an Initial VFA Offering. The Whitepaper must comply with these requirements and must be registered with the competent au
Read more
We are one step closer to have a fully fledged legal framework regulating DLT and cryptocurrencies since yesterday the draft bills have been made available to the public. Parliament has scheduled the second reading today which will be followed by
Read more
It has become a well-known fact that Malta is aiming to be a leader in regulating Distributed Ledger Technology (DLT), cryptocurrencies and ICOs. In fact, three new laws regulating this area have been proposed and presented to the Parliament and
Read more
The Virtual Financial Assets Act (VFA Act), which should enter into force in the coming days once approved by Parliament, requires an issuer of Virtual Financial Assets (VFAs) to appoint and have in place a VFA agent at all times. Moreover, an a
Read more
The MFSA has today issued its Consultation Paper on the Financial Instrument Test. The Financial Instrument Test is a very important process in determining whether a token falls within the definition of ‘financial instrument’ under the Markets
Read more
Malta’s Prime Minister Dr. Joseph Muscat claimed that Malta is aiming to be “the global trailblazer in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies.” Such statemen
Read more
The Malta Gaming Authority (MGA) has published the details of a sandbox which will allow the use of Virtual Currencies (VC) and the use of Distributed Ledger Technology (DLT) in the gaming sector. The sandbox will start in Q2 of 2018 and will last
Read more
Further to the publication and receipt of feedback on the MFSA’s Discussion Paper on Virtual Currencies (“VCs”), Initial Coin Offerings (“ICOs”) and Service Providers the Government published the Consultation Document where it provid
Read more
Further to regulating the area of Blockchain, Virtual Currencies and Innovation, apart from the MDIA Bill, the Consultation Document also provides information on the proposed Technology Arrangements Bill (“TAS Bill”) aimed at regulating T
Read more
Apart from providing for the establishment of a new central authority (the “MDIA”), the MDIA Bill also outlines the minimum governance arrangements of the MDIA and its overall objectives and policies. Composition and Governance Arrangements
Read more
In its efforts to regulate blockchain, virtual currencies and innovation through the Consultation Document, Malta is proposing the establishment of a new central authority, a new Joint Co-ordination Board and a National Technology Ethics Committe
Read more
The Maltese Parliamentary Secretary for Financial Services, Digital Economy and Innovation published a Consultation Document on the establishment of a central authority responsible for digital innovation in Malta, on the certification of Distribut
Read more
Professional Investor Funds (“PIFs”) investing in Virtual Currencies (“VCs”) are now regulated through the supplementary conditions applicable to such schemes. The additional provisions found in the new section, which is applicable to PIFs
Read more
Following the publication of the Consultation Document of the proposed regulations last Monday the Malta Financial Services Authority (“MFSA”) published the feedback statement highlighting the major issues raised by the major stakeholders an
Read more
The Malta Financial Services Authority (the “MFSA”) published a discussion paper to present to the public a proposed policy to be adopted by the MFSA for the regulation of the Initial Coin Offerings (“ICOs”), virtual currencies (“VCs”)
Read more
If you are interested in the field of blockchain and cryptocurrencies, you should not miss the Blockchain & Bitcoin Conference Malta which will be held in Malta on the 7th of December. Entrepreneurs, investors, consultants and IT specialists
Read more
The Government of Malta has adopted a broad national strategy reflecting its ambition to embrace blockchain innovation. In this regard, the Malta Financial Services Authority (MFSA) has been monitoring developments with respect to Virtual Currenci
Read more