The Maltese Government is moving forward with the proposed framework for the regulation of DLT. This week, the second reading of the three bills took place in Parliament, such are entitled as follows:
- The Malta Digital Innovation bill; (eventually MDA) embodies the establishment of the Malta Digital Innovation Authority which shall focus on the supervision and certification of DLT platforms and smart contracts;
- The Technology Arrangements and Service Providers (TAS) bill, shall focus on the setting-up of a registration and certification mechanism for technology arrangements which voluntarily decide to register themselves; and
- the Virtual Financial Assets (VFA) bill, shall regulate the offering of virtual financial assets, including the implementation of a bespoke financial instruments test.
The proposed framework is intended to provide further security to investors, platform developers, and issuers alike vis-à-vis the token offering at hand. This will eliminate the uncertainty underpinning the current cryptocurrencies market, rendering Malta a secure and stable place for business.