February 2018: Malta - Legislative Framework relative to Distributed Ledger Technology

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February 2018: Malta - Legislative Framework relative to Distributed Ledger Technology

Act Malta

Author: ACT Advisory Services Limited, Malta

Date: 19th February 2018

 

Malta:   Legislative Framework relative to Distributed Ledger Technology

 

On 16th February 2018, the Government of Malta launched a consultation period on the establishment of an Authority to be known as the Malta Digital Innovation Authority (MDIA) and the framework for the certification of Distributed Ledger Technology Platforms (DLTPs) and related service providers. The scope of the proposed legislative enactments is to create legal certainty in a space that is currently unregulated.    

 

Malta has always been on the forefront of technology and innovation.  In the past months, a number of initiatives have been launched, aimed at establishing an innovative and attractive regulatory framework for entities operating in blockchain (and distributed ledger technologies), virtual currencies, cryptocurrencies, and for those entities interested in raising finance through an ‘Initial Coin Offering’ (ICO).  An Initial Coin Offering (ICO) is an innovative way of raising finance from the public by issuing ‘coins’ or ‘tokens’, usually in exchange for other digital tokens such as Bitcoin or Ethereum’s Ether. 

The Consultation document presents a conceptual framework through which DLTP will be subject to certification in Malta. This framework also takes into account the need to oversee the principal service providers to DLTPs. The framework also extends to issuers of ICOs and certain service provides dealing in virtual currencies.   In the wake of the surge in the number and popularity of ICOs, the Maltese regulator is also proposing an efficient regulatory framework which will provide investor protection and market integrity without stifling technological innovation.

The consultation period is open until 9th March 2018.

For further information, you may contact the ACT Advisory Services Limited's tax and corporate services partner Stephen Balzan on This email address is being protected from spambots. You need JavaScript enabled to view it.
For a copy of the consultation document, please click on the following link http://opm.gov.mt/en/Documents/FSDEI%20-%20DLT%20Regulation%20Document.pdf

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria. 
For an appointment in our Gozo office, please call on 00356 21378672 or send us an email on This email address is being protected from spambots. You need JavaScript enabled to view it..

 


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