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 Aug 18, 2021 at 9:29 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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."

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • 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 have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    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.