Malta is known as the “cryptocurrency heaven”, as it has been one of the top destinations for crypto enthusiasts, techies and investors. Now, the country is preparing some new cryptocurrency regulations that will come into effect in November, 2018.
From potentially partnering with OKEX and “housing” cryptocurrency exchanges such as BitBay and Binance, Malta is truly he preferred destination for cryptocurrency pros and crypto wanna-be-billionaires.
Beginning 1st of November this year, the so called Virtual Financial Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS) will both come into effect.
The Maltese Government has long been deliberating on how to bring cryptocurrency regulation to life, especially with the recent “brainstorming” sessions that took place in June, 2018.
ITAS will be dealing with the entire regulatory approval and supervision of new innovative technological solutions and services. In addition, all certificates for approval to technology providers will come from ITAS, as well.
ICOs will be managed by VFA. One interesting thing that VFA includes is that it will require ICO issuers to first and foremost release a whitepaper that is in more simple terms, i.e. in an “understandable” form. ICOs’ whitepapers have been notoriously difficult to comprehend, especially for not so knowledgeable investors who want to jump on the “bandwagon”. So, the first requirement for those who want to raise money through an ICO will be to publish an easy-to-comprehend whitepaper.
As Ethereum World News has pointed out, the new regulations coincide perfectly with the long-awaited Malta Blockchain Summit, which will take place on the 1st and 2nd of November, 2018.