The Government has announced that on the 24th of April 2018, the Cabinet has approved the three bills related to Distributed Ledger Technology (‘DLT’).
The three bills consist of:
The Malta Digital Innovation Authority Bill – A proposed framework for the Malta Digital Innovation Authority, a newly set up regulatory authority with a focus on innovative technology arrangements and their uses, which vary from innovations in financial services such as smart bonds and smart contracts, through secure digital voting, to the transfer of confidential patient data in healthcare.
The Technology Arrangements and Service Providers Bill – The Bill proposes a new framework for Technology Arrangements and Technology Service Providers, and the certification of Technology Arrangements, which will initially include DLT Platforms and related smart contracts, providing the framework for the registration of Auditors and Administrators of DLT Platforms and the certification of such platforms.
The Virtual Financial Assets Bill – This Bill sets out the framework applicable to Initial Coin Offerings (‘ICOs’) and the provision of certain services in relation to Virtual Financial Assets (‘VFAs’). The intermediaries subject to the VFA Bill include brokers, exchanges, wallet providers, asset managers, investment advisors and market makers dealing in VFAs.
