In Malta, regulators are searching for a new way to enhance and secure virtual currency trading for companies and clients. They have come up with a fresh policy document meant to lead to the establishment of a special agency.
The special agent will be responsible for certifying blockchain portfolio as well as verifying virtual currency trading. The outcome of this new innovation is supposed to ease the operation of virtual currency firms in Malta. Moreover, this agency will also remove the interference of central authorities and banks to virtual currency trading in Malta.
Legislation has been proposed by Valletta to establish the roles of intermediaries and control first-time coin offerings. In conclusion, it is meant to “bring a peace of mind” to companies trading in cryptocurrencies.
Regulators will deliver a legal assurance and virtual currency confidence
In Malta, the newly established special agency called Malta Digital agency will be mainly involved in certifying companies that are utilizing the blockchain technologies. The agency will be a commission to verify virtual currency trades by inspecting if the recorded information is reliable. Companies using disseminated ledgers for overseeing payments will bring some peace of mind as indicated by the government of Malta.
In Valletta, regulators have come to realize that firms use blockchain platforms to remove interference from central government. Nevertheless, they have recognized that the blockchain platform permits for a more inexpensive and more effective way of transferring money.
Authorities have decided to assure some legal assurance and strengthen virtual currency confidentiality for clients and firms, based on the knowledge that these technologies do not undergo certification in many aspects. The task commission to the agency will benefit firms, regulators assured, as well as removing prying of intermediaries like private banks, central banks to name a few.
Digital currency companies to face smoother operations in Malta
The newly developed policy document was unveiled at a press conference with different virtual currency industry players, by Silvio Schembri, the Parliamentary Secretary for the Digital Economy as reported by the Maltese Independent. He further explains how the government intends to apply these regulations in the digital currency industry.
The initial execution will be the establishment of the Malta Digital Innovation Authority. The registration of service providers and the certification of blockchain procedure will be outlined in a bill. Proceeding to stage 2, which will be comprised of the framework for Initial Coin Offering (ICO) being formalized.
Regulation on services provided within the virtual currency sector will comprise of the third law. Provisions are subjected to Intermediaries such as brokers, exchanges, wallet providers, asset managers, and investment advisors.