The government of Malta has announced that its new legislation for cryptocurrency and blockchain technology will go into effect on November 1, 2018. The measures had been approved in June by the nation’s Parliament and are designed to provide guidance and oversight for cryptocurrencies, blockchain technology, and initial coin offerings (ICOs).
The two laws in question include the Virtual Financial Assets Act and the Innovative Technology Arrangement and Services Act. The VFA is designed to provide a regulatory framework for ICOs that establishes clear guidelines for issuing coin offerings within Malta and other requirements. The ITAS provides regulation and certification guidelines for digital currency exchanges and other crypto-related entities.
The date was reportedly set by Junior Minister Silvio Schembri after consultations with the Malta Digital Innovation Authority (MDIA) and the Malta Financial Services Authority (MFSA).
Malta continues to press forward with its efforts to become a haven for blockchain and digital currency enterprises, adopting a welcoming stance toward innovative technologies. In recent months, several cryptocurrency exchanges and blockchain firms have moved operations to the island nation in search of a more crypto-friendly environment.