On the 16th February, 2018 the Government of Malta issued a consultation document on the proposed regulation of initial coin offerings (ICOs), decentralised ledger technology platforms (DLT platforms) and brokers, exchanges and other intermediaries dealing in virtual currencies and similar assets in or from Malta. The proposal envisages the following three pieces of legislation:
- the Malta Digital Innovation Authority Bill (MDIA);
- the Technology Arrangements Service Bill (TAS);
- and the Virtual Currencies Bill (VC).
The consultation document is also proposing the following:
- a framework for a new Authority in Malta – the Malta Digital Innovation Authority (MDIA);
- the voluntary registration of Technology Service Providers; and
- the certification of Distributed Ledger Technology (DLT) Platforms and related smart contracts as Technology Arrangements.
The framework also includes a regime for the approval of ICOs and the regulation of certain service providers dealing in Virtual Currencies (VCs) including exchanges, wallet providers, asset managers, brokers, investment advisors and market makers.
Submission of input
The Parliamentary Secretary for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister invites feedback to the consultation document to be sent by Friday 9th March, 2018.