The Maltese draft Distributive Ledger Technology (DLT) regulatory framework has been published on 22 May 2018. Below is a brief outline on the three proposed bills and a link to the full proposed legislation.
Malta Digital Innovation Authority Act provides for the establishment of the Malta Digital Innovation Authority (the Authority). The primary function of the Authority will be to certify DLT platforms and hence providing legal certainty to the DLT platform users. It should be noted however that this certification will not be mandatory but purely voluntary.
Technology Arrangements and Services Act sets out the regime for the registration of Technology Service Providers and the certification of Technology Arrangements through the system administrators and system auditors.
Virtual Financial Assets Act sets out the framework for Initial Coin Offerings and the regulatory regime on to the provision of certain services in relation to Virtual Financial Assets (VFA). The intermediaries subject to the VFA Bill include brokers, exchanges, wallet providers, asset managers, investment advisors and market makers dealing in VFA.
This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.