Malta Regulator Proposes Blockchain Legal Framework
by Amanda Banks, Lowtax.net, London
05 December, 2017
Malta has taken a further step toward implementing its national blockchain strategy with the release of a discussion paper on the regulation of cryptocurrencies, initial coin offerings, and blockchain service providers.
A new Virtual Currencies Act is proposed, which would regulate the carrying on of business associated with virtual currencies falling outside the scope of existing EU and national financial services laws.
The Act would apply a principles-based approach to regulation, rather than detailed rules that might stifle technological innovation.
Regulation of virtual currencies and related activities would be supplemented by guidance from the Malta Financial Services Authority, the island's financial services regulator.
The consultation period for the discussion paper is open until January 11, 2018.
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