Legal regulations of cryptocurrency in Malta

Everyone knows that Malta, like the United States and Great Britain, as well as a number of other…

Everyone knows that Malta, like the United States and Great Britain, as well as a number of other countries, uses the program “Citizenship in exchange for investments” to attract investments.

Therefore, the theme of the cryptocurrency, blockchain and ICO and their regulation, is very relevant for this country. The Malta Stock Exchange formed the Committee, which was engaged in the study of innovative technology and its use in the future. 

In April 2017, the Cabinet of Ministers of Malta approved the project of National Strategy for the Advancement of Blockchain Technology. The given project, first of all will concern the land cadastre, and also such registers as, public health services and education. Since September 2017, within the framework of this project, a consulting group has been formed on the implementation of Blockchain technology. MSFA (Malta Financial Services Authority) has published a document with rules for crypto instruments and investment funds, which plan to conduct operations with crypto currency.

This document (https://ru.scribd.com/document/369804022/20180122-VCPIFs-FeedbackStatement) was released back in October 2017 and supplemented in January 2018, but the department was informed that in the future a full set of regulatory rules will be published, because this document needs further work.

Regulation of the cryptocurrency in Malta in the gaming sector

Operations with the crypto currency in gambling as well did not remain without attention of the controlling bodies of Malta. Therefore, in the near future the issue of introducing crypto currency into the gaming sector is likely to be resolved in a positive way.

Crypto-currency funds and blockchain

It is worth to note that the Malta Financial Services Authority approved investing in crypto-currency funds only for professional investors. The professional investors are those who have at their disposal from 750 thousand euros.

Taking into account the positive dynamics of the regulatory bodies towards the ICO, and to the cryptocurrency in general, the use of bitcoins is slowly beginning in the republic.

For example, bitcoin already accepts payment for package tours from some tour operators in Malta.

In 2018 there are planned more than 20 conferences, exhibitions and other events dedicated to the topic of both ICO projects and blochain technologies in Malta.

In the world of new blockchain technology and crypto economics in general, Malta “prophesies” great potential and leadership, as this country has both specialists and certain experience and fintechnologies.

The choice of foreign jurisdiction for crypto business is a non-standard and difficult task, but for the SBSB team it is daily work with such appeals. Contact us and we will select the suitable jurisdiction for a cryptoexchanger, exchange or cryptobank.

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