Even though the news about Malta developing a new regulatory framework in favor of cryptocurrencies, blockchain and fintech went viral – it seems like the set of regulations is not yet in force.
The three bills, as previously reported, will focus on cryptocurrencies, blockchain and distributed ledger technologies being regulated. All of the bills passed by Maltese Members of Parliament in June set a number of changes to the country’s legal landscape – overseeing any crypto-related businesses.
Still, last Friday, the Malta Financial Services Authority said that one of the laws is “not yet in force” yet.
Therefore, the MSFA is not yet in a position “to start receiving a request for approvals and authorizations under the Act” until the framework is complete. Currently, the announcement notes that the bill will not take effect until “such date as the Minister for Digital Economy may establish by notice in the Government Gazette.”
Dubbed the “Blockchain Island”, Malta has been known as one of the most forward-thinking countries when it comes to cryptocurrencies – and one of the friendliest jurisdictions for the digital currency and crypto space, with firms like Binance and OKEx already settled there.
Some reports even said that Binance, which is a major cryptocurrency exchange, would partner in efforts to launch the first Malta-based “decentralized and community-owned bank” dubbed the Founders Bank.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post