Malta is fast moving to the forefront of Digital innovation in the Blockchain/ Distributed Ledger Technology (DLT) sphere.
Malta has approved specific legislation to encompass the Blockchain legal framework covering all aspects from digital innovation to virtual financial assets. 3 bits of legislation have been passed specifically entitled:
- The Malta Digital Innovation Authority Act;
- The Virtual Financial Asset Act;
- The Innovation Technology Arrangement and Services Act.
Malta Digital Innovation Authority Act
Malta is leading the way by setting up an authority for Digital Innovation. The Authority will promote and develop the innovation technology arrangements, and related services. The Authority will administer the provisions of the various legislation. This will ensure that operations from Malta under the legislation will be carried out with the required regulatory certainty and standard
Virtual Financial Assets Act
The new law will introduce a mandatory licensing regime regulating DLT Assets including Virtual Tokens and Virtual Financial Assets. This will lead to facilitating the operation of Initial Virtual Financial Asset Offerings (ICO’s) as well as DLT Asset Exchanges from Malta.
The Innovation Technology Arrangement and Services Act.
The act is on a voluntary registration and certification of Innovative Technology Arrangements and of Innovative Technology Service Providers.
It has also been developed in a way that it can be flexible so as to encompass new innovations in the Artificial Intelligence and Internet of Things technologies areas.
New regulations and guidelines complementing the legislation are expected to be published in the next few weeks enabling the new sector to fully in place in the next few months.
IMS is embracing this new FINTECH sector. We are available for further information as may be requested.