Malta Outlines More Virtual Currency Regulation
by Jason Gorringe, Lowtax.net, London
20 February, 2018
Malta's Government has released a consultation document proposing three new bills to regulate the cryptocurrency and distributed ledger technology sector.
The Malta Digital Innovation Authority Bill creates a new digital innovation authority, which will focus on ensuring Malta takes full advantage of the opportunities afforded by distributed ledger technology.
The "TAS" Bill establishes a voluntary regime for the registration of technology service providers, and the certification of technology arrangements.
The Virtual Currencies Bill sets out a regulatory framework for initial coin offerings and ancillary services. Intermediaries subject to the bill include brokers, exchanges, wallet providers, asset managers, investment advisors, and market makers dealing in virtual currencies.
Malta's Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri, said the aim of the proposed legislation is to give legal certainty to a space that is currently unregulated, and to form the base of a new economic sector that has the potential to be as large as the iGaming industry, creating thousands of new jobs.
The consultation period is open until to March 9, 2018.
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