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  • Sat, Jul 21, 2018 Malta regulators require blockchain companies to await approval of applications and authorizations

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    According to the Malta Times report on July 20, the Malta Financial Services Authority (MFSA) said in a statement that blockchain companies must wait until the recently adopted framework to take effect before they can apply for approval and authorization. In a statement released today, MFSA said it is developing a new framework that will support the recently passed blockchain law, so operators must wait for an announcement from the agency before submitting an approval and authorization request. The Virtual Financial Assets Act (VFAA), adopted by the Maltese Parliament on July 5, will regulate distributed ledger technology (DLT). According to the report, according to the legislation, Malta became the first country in the world to provide legal certainty for blockchain companies.

    According to the Malta Times, in the past few weeks, MSFA has been reviewing stakeholder views on new regulations and considering various VFAA related issues ranging from fees to administrative penalties. According to reports, the MFSA also consulted on the so-called rule book of the recently passed law, the first chapter of which was open until the end of July. Subsequently, MFSA will release two more chapters, which will refer to VFAA issuers and service providers. At the end of the consultation period, MFSA will issue final rules and rules for the VFAA to facilitate the entry into force of the new regulations.

    Prior to this, it was reported that operators should monitor the regulatory agency's announcement on the virtual financial asset framework in order to keep abreast of developments and updates. Malta is currently planning to establish an encrypted and friendly regulatory environment and become a “blockchain island”. Many encryption and blockchain companies are already in Malta, including encryption exchanges OKex, Binance and BitBay.

    Earlier this month, Bins announced plans to build a blockchain-based bank with tokenized ownership. The future “Founder Bank” will be owned by digital token investors and headquartered in Malta, aiming to be the world's first dispersed community bank.