Maltese Law On The Cryptocurrency Will Come Into Force On 1st Of November 2018

The Maltese government is introducing its crypto and blockchain regulation ahead of the Malta Blockchain summit, moving towards its goal of becoming a global center of blockchain-related innovation.

In July, the Maltese government approved three bills that provided a regulatory framework for the cryptocurrency and blockchain industry.

After a period of consultation with the Malta financial services authority (MFSA) and the Malta digital innovation authority (MDIA), the government announced that the long-awaited virtual financial assets act (VFA) and the innovative technologies and services act (ITAS) will enter into force on 1 November 2018.

The law on innovative technologies and services will provide a legislative framework for blockchain and cryptocurrencies, while the law on virtual financial assets will define procedures and requirements for ICO projects.

The announcement coincides with the upcoming Maltese blockchain summit, which will take place in St. Julian’s and will become the official platform to promote the benefits of the newly regulated Blockchain Island for blockchain and cryptocurrency-related companies.