On the 11th of September, Mr Joseph Cuschieri, CEO of the Malta Financial Services Authority (MFSA) declared that Malta’s three blockchain Acts will come into compel as of the 1st November 2018.
The Acts have just been collectively endorsed by Parliament; however, they will authoritatively begin regulating the industry on 1st November 2018. Over the summer, the MFSA has additionally distributed various consultation papers to give further assistance to guarantors of ICOs, cryptographic money trades, innovation companies and other specialist co-ops in the business.
As of the 1st November, prospective licensees and issuers will officially start operating under the new Virtual Financial Assets Act. Until at that point, VFA Service Providers (counting digital currency trades, and in addition guarantors of ICOs may start offering their administrations in an unregulated way which does not establish a break of law. VFA specialist organizations will along these lines have a year from this date to consent to the laws and appropriate directions as issued by the MFSA. Then again, Issuers which have started their dispatch post 18th October, 2018 and in addition the individuals who have connected for tolerability to exchange their VFAs will have three months to wind up consistent and enlist their whitepaper.
Malta has been pushing towards formally turning into the focal point of brilliance in blockchain, crypto and ICOs. Indeed, as the Blockchain Island of the World, it was the first to direct the territory through the presentation of three acts: The Malta Digital Innovation Authority Act, the Innovative Technology Arrangements and Services Act and the Virtual Financial Assets Act.