In a time when most of the jurisdictions all around the world have been cracking down on ICOs and cryptocurrencies or switching to much stricter approaches, the smallest country of the European Union, also the Mediterranean island country has announced that it is drafting regulations which will be easy for the newly born industry to set a base in the country.
Malta believes that the cryptocurrency can become the next big thing after the Internet and possibly be applied on almost every aspect of our regular life.
Back in July, three bills that provided a regulatory framework for cryptocurrency and blockchain industry were approved by the Maltese government.
Following several consultancy sessions with Malta Digital Innovation Authority (MDIA) and Malta Financial Services Authority (MFSA), the government has made an announcement stating that the much awaited Innovative technology Arrangement Services Act (ITAS) and the Virtual Financial Assets Act (VFA) shall come into effect from November 1, 2018.
The procedures and requirements aimed at ICO projects, that includes the need to disclose its financial history will be set up by The Virtual Financial Assets Act and The Innovative Technology Arrangements and Services Act will help deliver the legislative basis for cryptocurrency and blockchain regulation.
The upcoming Malta Blockchain Summit that is all set to be held in St. Julians and the announcement do concur with each other.
The Malta Government says that the Summit will become the official platform for promoting the benefits of cryptocurrency and blockchain-related companies and also for the newly-regulated Blockchain Island.
Speaking on the announcement, Eman Pulis, CEO of Malta Blockchain Summit said:
“We’re delighted that the timing coincides so perfectly. We’ve always said that we’re here to support the conscious efforts being made at the national level to make Malta the primary jurisdiction for blockchain and DLT. We’re hoping that the Malta Blockchain Summit will serve as a showcase for the ecosystem, and will justify the efforts made by the Maltese government on the legislative front. This is a great opportunity for stakeholders and all 5,000 delegates attending the event.”