The Financial Services Authority of Malta is right now involved in consultations with many stakeholders, all in order to ensure that they are well informed on the subject of cryptocurrency and blockchain bills as well as the new crypto laws that the country made official recently.
According to some local reports, this is a great move by the MFSA – while analysts said that it is still a normal procedure. One of these analysts is Joseph F. Borg. In an interview with CCN, he explained that this is the usual manner in which the financial services sector is enacted, noting:
“Although the laws where published last week, they are expected to come into force in October of this year. This will give time for industry players to adjust accordingly to benefit from the transitory provisions as well as well as the authorities to cater the large amount of applications that will be submitted in the first few months”.
The Malta Financial Services Authority recently told the blockchain sector to wait – even though the laws have been passed. The MFSA is confident that the laws are not yet in force and said that the framework for these laws is still in a creation phase (despite the fact that they were passed into law on Friday, 20th of July).
However, the MFSA announced that the laws will become effective on October 1st, until when the operators should wait for a public announcement before the MFSA starts sending requests for approvals and authorizations.
Meanwhile, Malta is the first country in the world to develop a regulatory system which is custom for blockchain-based businesses.
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