Malta Regulators Are Working on Enhancing the Newly Passed Blockchain Laws
According to an official statement to the Media on July 20, MFSA declared that it is working on enhancing the current blockchain regulations, therefore, the administrators of blockchain should halt the submission of any applications until a public declaration is issued. Malta’s Parliament issued the VFAA on July 5th that monitors DLT activities.
As per a news portal, MFSA has been analyzing the attitudes of crypto blockchain technology participants towards the newly passed laws while taking into account all of the fees and fines associated with VFAA.
MFSA Receiving Consultations
According to an official report, the MFSA is currently receiving consultations on the first section of its blockchain lawbook that outlines the newly passed laws which should be finalized by the end of July. After that, it will work on releasing two additional sections that will outline the issuers and service providers of VFAA. As soon as the consultation is finalized, the MFSA will release the conclusive laws to the VFAA to promote bringing them into effect.
Meanwhile, the administrators of blockchain should keep an eye on any regulators’ statements on updates concerning the digital financial services structure.
The Crypto Island
Malta is working on establishing a cryptocurrency island, and several blockchain businesses are currently based there including Binance.
Binance declared that it is planning to form the first virtual bank in Malta that would be owned by cryptocurrency investors.