November 2018. Remember this month and this year, because some new regulations are going to be hitting cryptocurrencies in Malta. Malta has been receiving inflows of people almost fanatically invested in cryptocurrencies, you had crypto enthusiast, tech developers and hardcore investors funneling into Malta, hence its name “crypto heaven”. But why? why is Malta such a magnet for people willing to piggy bank off of cryptocurrencies? Well, we need to remember the fact that people willing to get rich fast are ready to take the easiest road there. Malta which is featuring huge companies like BitBay and Binance and is probably partnering with OKEX is a perfect place to receive fast updates and being ahead of the game. Also, Malta is probably the best place a single investor can have an influence over all some of the new cryptos pretty much the who shebang.
What are the regulations?
When we first took a look at the new regulations, we were met with all these fancy looking names, to be honest, it was quite disturbing seeing the government getting quite serious about the topic. The two new regulations are called the ITAS (Innovative Technology Arrangement and Services Act) and the VFA (Virtual Financial Assets Act), both of which will be coming into action beginning 1st of November of 2018. We also believe that the regulations are the child of the sessions the Maltese Government had back in June. They have been debating for quite a long type about, what to do with the regulations concerning cryptocurrencies. Of course, unregulated trading is what all the crypto investors want, but the politicians need to keep the country in check and in order.
ITAS & VFA
To sum it up in a couple of sentences and make it readable. If you decide that you want to be a technology provider in Malta, you will have to be dealing with ITAS, because they will be holding the jurisdiction on the certificates and approvals for providers. It doesn’t even matter what type of technology it is. Therefore the entire regulatory approval processes of technological and innovative services will be governed by the ITAS.
VFA will be the managing body of ICOs. ICO issuers will be demanded to issues a paper that will have all of the information in a simple text which will be more understandable for non-crypto investors to understand. The reasoning behind is because of the notorious non-beginner friendly whitepapers that ICOs have. Therefore if you have any plans regarding ICOs in Malta you will have to dumb down the whitepaper and submit it to the VFA.