Malta Says Crypto Rules Aren't Yet In Force

The latest crypto laws passed on the island of Malta haven't quite taken effect just yet.

AccessTimeIconJul 20, 2018 at 9:00 p.m. UTC
Updated Sep 13, 2021 at 8:11 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Malta's new cryptocurrency regulatory framework has not taken effect just yet.

Three bills regarding cryptocurrencies, blockchain and distributed ledger technology, passed by Maltese Members of Parliament in June, set out a number of ambitious changes to the country's legal landscape overseeing cryptocurrency-related businesses. However, the Malta Financial Services Authority said Friday that one of these laws is "not yet in force."

The government is currently developing the "Virtual Financial Assets Framework," which will complement "The Virtual Financial Assets Act," according to the announcement.

Until such a time as this framework is complete, the MFSA is not yet in a position "to start receiving request for approvals and authorizations under the Act."

Nor is it clear when the framework will take effect. The announcement notes that the bill will not take effect until "such date as the Minister for Digital Economy may establish by notice in the Government Gazette."

That being said, Malta, dubbed the "Blockchain Island," has been hailed as one of the world's most friendliest jurisdictions for cryptocurrencies attracting major crypto businesses such as Binance and OKEx.

In fact, it was reported this month that Binance, a major cryptocurrency exchange, would partner in efforts to launch the first Malta-based "decentralized and community-owned bank" dubbed the Founders Bank.

Malta flag via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.