Malta's financial regulator is to receive a legislative revamp to ensure it is equipped to handle the Fintech business government is keen to attract. 

A motion for the first reading to amend the Malta Financial Services Authority Act would be presented to parliament on Monday, parliamentary secretary Silvio Schembri said. 

"This will trigger significant changes that will help the MFSA step up its game," Mr Schembri said, saying the Act was built on a public consultation process launched last August. 

 "A global revolution has started, and it is called Fintech, and we are not happy in being just part of it, we want to lead it," he said. 

EDITORIAL: A blueprint for a reformed MFSA

Among other things, the MFSA is currently in the process of developing a regulatory framework for virtual currencies and initial coin offerings, with Mr Schembri having also hinted a few weeks back that a 'Virtual Currency Act' was in the pipeline.

Mr Schembri was speaking at the inauguration of new offices in Attard for Tri-Mer Services, which is merging with Falzon and Falzon to create a 45-person firm. 

The MFSA reform will coincide with a change in leadership, with Joe Bannister having said he will quit the regulator at the end of March following a 20-year period at its helm. 

John Mamo, a founding partner of Mamo TCV Advocates, will take over as non-executive chairman.   

Earlier this week, the EU's banking watchdog confirmed that it had launched a "preliminary investigation" into the MFSA's handling of Pilatus Bank, which was accused of aiding money laundering efforts by murdered journalist Daphne Caruana Galizia.