In Europe cryptocurrency regulation is a hotly debated topic. In comparison with many countries, is still weighing the advantages and disadvantages of cryptocurrencies, Malta definitely took the lead and created new rules that allow you to see all aspects of cryptocurrency and blockchain technologies in the new future on the island.
Maltese authorities released three new draft laws concerning cryptocurrencies. Namely, the Law of virtual financial assets, the Law on the registration of digital innovation in the state of Malta and the Law on innovative technologies and services.
According to Hedgeweek, the Maltese authorities decided to eliminate the word “cryptocurrency” of the regulations to avoid any negative tones that surround the word. Instead, you will use the “Virtual financial assets” (VFA).
This is a really interesting way to describe cryptocurrencies who are faced with negativity on many fronts. A more open and liberal approach to the new regulatory position of Malta.
The rules are not intended to prevent the development of the sector, on the contrary, Malta has taken a position, which ensures that the cryptocurrency industry will flourish in a safe and secure environment.
According to Hedgeweek:
“The new legislation creates the framework for the conduct and licensing of the initial VFA proposals, preparation of white papers and regulation of service providers, including exchanges and trading platforms. They also set out the rights and obligations of investors, IFAS and the powers of the Tribunal for financial services in ensuring the proper execution associated with cryptocurrencies activities “.
Thanks to these new rules, Malta is leading the race of the adoption of cryptocurrency. This is very important because, ultimately, the European countries risk being left in the cryptocurrency environment, which, apparently, is driven by the Asian countries. I would hope that smaller settlements will follow the Maltese authorities, providing the cryptocurrency revolution in Europe.