Legal Certainty for Cryptocurrency in Malta
Parliament has enacted three pieces of legislation, namely; the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual financial Asset Act. Together, these three instruments will facilitate investor operations as companies now have the necessary means to operate in a fully regulated environment.
The Virtual Financial Asset Act (VFA) regulates Initial Coin Offerings (ICOs) and stipulates a number of steps that each project has to undertake in order to be fully compliant. The Malta Digital Innovation Authority Act (MDIA) sets up an industry-specific body, governing the development as well as the implementation of certain guiding principles; whilst the Innovative Technology Arrangements and Services Act (ITASA) defines blockchain-based enterprises.