The Maltese Government is receiving recommendations for an effective legal framework regulating blockchain technology and digital assets.
Whilst Malta is working on implementing its national blockchain strategy by means of enacting a new legal framework next year which regulates DLT Technology, the MFSA has published a discussion paper on cryptocurrencies, Initial Coin Offerings (ICOs) and service providers in this area.
Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri is encouraging all those interested in investing in this new sector of the digital economy to come forward and make their recommendations.
In a meeting with the Parliamentary Secretary, Stasis.Net stated that they will be sending their recommendations for an effective legal framework that regulates the use of blockchain technology and cryptocurrencies to both the national blockchain taskforce and the MFSA.
Parliamentary Secretary Schembri stated that “we are developing appropriate legislation to become an international hub for blockchain operators.”
CEO and founder of Stasis.Net Gregory Klumov reiterated his satisfaction with Malta endorsing and supporting new regulatory approaches to blockchain and cryptocurrencies in the reshaping of the future of digital assets.
Gregory Klumov stated that “soon, we will be able to bridge the existing gap between on-demand blockchain economy and finance, which people can benefit from.”
Gregory Klumov adds:
Malta has a track record of creating stable and attractive regulatory environment for complex industries like financial intermediaries and gaming. More than 10 years ago Malta became the first EU country to enact comprehensive legislation on remote gaming, and industry leaders consider Malta as one of the foremost tried and tested jurisdictions in the world. We believe decentralized finance is exactly the industry that perfectly fits into Maltese strategy of digital innovation and happy to contribute to respected authorities our recommendations to regulate digital assets, particularly asset-backed tokens.
The consultation period is open until the 11th of January 2018