The Malta Financial Services Authority has taken another step towards setting up a a framework for the registration of virtual currencies, following feedback on a government consultation paper.

The new legislative framework would regulate ICOs and the provision of certain services in relation to virtual currencies.The main aim is to safeguard financial stability, promote market integrity and ensure investor protection.

The MFSA has now drafted the Virtual Financial Assets Act, which empowers the minister to make regulations, acting on advice of the competent authority.

The MFSA has proceeded to draft the attached legal notice setting out regulations on [i] exemptions; [ii] fees; [iii] control of assets; and [iv] administrative penalties and appeals.

The authority is now seeking feedback from the industry. The consultation can be accessed through www.mfsa.com.mt/consultation and is open to the public until  July 20.

Interested parties are requested to submit their comments and feedback with respect to the Consultation by email on fintech@mfsa.com.mt

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