Malta2018-08-18T13:58:55+00:00

Malta

Europe

Favorability: 4/5

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Malta has sought to be attractive to cryptocurrencies and the government has worked to create regulations while consulting with the crypto community to keep regulations light. Even with EU regulations needing to be implemented, Malta will work to keep itself open to ICOs.

Malta is located in Europe (EU): The countries of the European Union hold a patchwork of individual attitudes towards cryptocurrency regulation, but all of them also fall under the jurisdiction of the EU Commission.

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Cryptocurrency trading in Malta

In 2017, the country’s prime minister Joseph Muscat announced the approval of a national strategy to promote bitcoin and blockchain technology. Muscat specifically addressed the bitcoin blockchain ability to handle, store and process sensitive data in an immutable and decentralized ecosystem

But Malta has also been looking at regulations, and convened groups to liaison with the crypto groups to ensure it’s supportive.

In January the EU came out with new directives on cryptocurrencies, asserting that “gaps still exist in the oversight of the many financial means used by terrorists, from cash and trade in cultural artefacts to virtual currencies and anonymous pre-paid cards. This proposal seeks to address those gaps while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens and businesses, so balancing the need to increase security with the need to protect fundamental rights, including data protection, and economic freedoms.”

Mostly focused on ending anonymity among the crypto community, and preventing nefarious individuals from buying, funding, or selling orgs or resources. It does include the sharing of company and individual information with public entities at times, and affects exchanges and wallets.

Regulation of ICOs in Malta

The MFSA has convened a discussion paper on Initial Coin Offerings (ICO), Virtual Currencies (Bitcoin, Ethereum, etc) and related Service Providers and hope it will lead to a policy framework that supports virtual currencies and related technologies while ensuring effective protection for investors, financial market integrity and stability.

The recent EU regulations will also apply to ICOs, ensuring further regulations around KYC and AML practices.

Cryptocurrency markets in Malta

Malta’s openness to ICOs has led to a robust crypto community with a number of blockchain start-ups and exchanges.

IBC’s planning and strategy team can provide expert advice on ICOs in different jurisdictions. If you’re thinking of holding an ICO in COUNTRY and you’d like more information, contact us here.

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