Published on July 21st, 2018 | by bitcoin0
Before Applying for Approvals and Authorization Malta Regulator Tells Blockchain Companies to wait.
The Malta Financial Services Authority (MFSA) said in a statement that blockchain companies have to wait until a recently passed framework comes into force before applying for approvals and authorizations, news outlet Times of Malta reported July 20.
The Virtual Financial Assets Act (VFAA), which the Parliament of Malta passed on July 5, will regulate distributed ledger technology (DLT).
With the legislation, Malta reportedly becomes the first country in the world to provide legal certainty for blockchain companies.
Malta is currently intent on creating a crypto-friendly regulatory environment and becoming the “blockchain island.” A number of crypto and blockchain companies have already located in Malta, including crypto exchanges OKex, Binance, and BitBay.
The future “Founders Bank” would be owned by digital token investors and be based in Malta, aiming to become the world’s first decentralized, community-owned bank.