Malta Still Not Ready

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Malta is one of the most crypto-friendly countries. That’s why, many companies connected with cryptocurrencies moved to that place; one of them is BitBay – a Polish cryptocurrency exchange platform.

In June this year, there were adopted three laws regarding cryptocurrencies, blockchain technology and a distributed ledger. Thanks to them, the adopted changes in the law of Malta allowed for better supervision of businesses related to cryptocurrencies, which in the case of other countries is still unclear or confusing. Unfortunately, the Malta Financial Services Authority has admitted that one of the provisions mentioned above is “not in force yet.”

According to the announcement, the government is currently working on the development of “Virtual Financial Assets Framework,” which are the big part of “The Virtual Financial Assets Act.” The government has admitted, as mentioned above, that as long as the work on the frames does not end, the MFSA (Malta Financial Services Authority) will not be able “to start receiving requests for approvals and authorizations under the Act.”

All delays and problems make it still uncertain when the framework will become useful in Malta. As you can read in the announcement, the law will not come into force before “such date as the Minister for Digital Economy may establish by notice in the Government Gazette.”

The mentioned acts mean that Malta has been hailed as the “Blockchain Island.” Taking into account the legal situation in other countries, more and more companies are transferring their activities to Malta. This month, one of the largest cryptocurrency exchange platform Binance has announced that it becomes a partner of the first Malta-based “decentralized and community-owned bank” dubbed the Founders Bank.

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