The Malta Financial Services Authority (MFSA) said in an announcement that blockchain companies need to wait until a recently passed system comes into force before applying for endorsements and approvals, news outlet Times of Malta revealed July 20.
In an announcement issued today, the MFSA said it is building up another system that will back recently passed blockchain laws, so administrators must sit tight for an open declaration from the organization before filing a request for endorsements and approvals. The Virtual Financial Assets Act (VFAA), which the Parliament of Malta passed on July 5, will regulate distributed ledger technology (DLT). With the enactment, Malta apparently turns into the first nation on the planet to give legitimate certainty to blockchain organizations.
As indicated by Times of Malta, in the previous weeks the MSFA has been analyzing stakeholders opinions about the new regulation and considering different VFAA-related issues from charges to regulatory punishments.
The MFSA is also purportedly counseling on a supposed rulebook for the recently passed law, the first section of which is open until the end of July. The MFSA will thusly issue two more chapters, which will allude to the VFAA issuer and service providers. Toward the end of the consultation period, the MFSA will issue final controls and principles for the VFAA to encourage bringing the new legislation into force.
Until at that point, administrators ought to allegedly monitor the regulator’s declarations concerning the virtual financial asset system to remain educated on advancements and updates.
Malta is presently planning on making a crypto-friendly condition and turning into the “blockchain island.” various crypto and blockchain organizations have officially situated in Malta, including crypto exchanges OKex, Binance, and BitBay.
Not long ago, Binance declared plans to set up a blockchain-based bank with tokenized proprietorship. The future “founders Bank” would be claimed by digital token investors and be situated in Malta, intending to become the world’s first decentralized, community-owned bank.