In recent regulatory news, Malta’s financial regulator has sought to clarify the nation’s cryptocurrency regulations following the passing of an act pertaining to crypto assets, UK-based wealth managers have called for the FCA to take a strong stance regarding cryptocurrencies, and the deputy governor of Bank of Israel has predicted that cryptocurrencies will contribute to the financial system in future.
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Malta Clarifies Current Regulatory Apparatus Regarding Cryptocurrencies
The Malta Financial Services Authority (MFSA) has sought to clarify the country’s legislative apparatus pertaining to cryptocurrency following the passing of the “Virtual Financial Assets Act” on the 4th of July.
In a press release published by the MFSA which states that the act “it is not yet in force,” and that such won’t take effect until a date that “the Minister for Digital Economy may establish by notice in the Government Gazette.”
The statement asserts that the MFSA is currently developing the “Virtual Financial Assets Framework” which “underlies and complements” the act. Public consultation regarding the proposed framework ended on the 20th of July. The MFSA release seeks to emphasize that the framework is “not yet in force,” adding that “the MFSA will be in a position to start receiving requests for approvals and authorizations under the Act once the Framework is operational.”
Additionally, the public consultation period for Malta’s “Consultation Paper on the Virtual Financial Assets Rules for VFA Agents presenting Chapter 1 of the proposed Virtual Financial Assets Rulebook” ends on 31 July 2018. Consultation periods regarding chapters 2 and 3 of the proposed rulebook are also expected to begin in coming weeks.
UK Wealth Managers Call for Stronger Crypto Regulations
UK-based wealth
