The Malta Financial Services Authority (MFSA), the local Financial Services Authority, has recently released three blockchain and cryptocurrency bills. However, their implementation has been delayed. Cryptocurrency companies on the island are on the alert.
New regulatory framework
Firstly, nothing extreme should change the Crypto-Maltese landscape. The new regulations -due to be announced on July 20- were slightly delayed. The MFSA is currently gathering several opinions and views on the studies underway. The regulator is eager to get the information to all stakeholders and actors of the crypto scene of the island.
Recently, during an interview with CCN media, Dr. Joseph F. Borg based in Malta (Senior Advisor of the WH Partners company) in charge of the Blockchain / Gaming / Gambling department said:
“ Although the laws were published last week, they are not expected to come into effect until October 2018. During this period, companies operating in this industry will be able to adapt accordingly to benefit from transitional provisions. In addition, the authorities will have sufficient time to respond to a large number of requests that will be submitted in the coming months. “
In its statement, the MFSA asked the cryptocurrency companies to “wait“. Although the three Blockchain and cryptocurrency bills were passed by law a few days ago, many consultations are still going on to bundle them as a single law. As a result, the MFSA points out the regulatory framework was still in the process of being created.
Creation phase, certainly. But the financial services’ regulator of the Blockchain friendly island specifies that these laws will enter into full force on October 1st. Operators were therefore invited to relax, kick it and wait until the public announcement of the government entity is made before sending any type of requests for approval and/or authorization.
At the beginning of last month, a first project had already emerged and was called the Virtual Financial Assets Act (VFA).
The island of Malta has become the first country in the world to develop an effective regulatory system, tailor-made for almost all cryptocurrency startups in the region. Lastly, the MFSA being highly engaged in this field, regularly consults many heavyweights of the crypto sphere. New rules that will come into force before fall are eagerly awaited.