The establishment of the Malta Digital Innovation Authority;
the Framework for the Certification of Distributed Ledger Technology Platforms and Related Service Providers;
and a Virtual Currency Act.
This consultation document relates to a legislative approach involving the promulgation into law of three proposed pieces of legislation namely, the MDIA Bill, the TAS Bill and the VC Bill.
The MDIA Bill will provide for the establishment of an Authority to be known as the Malta Digital Innovation Authority and will have the opportunity to focus on innovative technology arrangements and their uses such that Malta can take the greatest advantage while at the same time protect the public interest.
The MDIA Bill will set out in detail the powers granted to the MDIA and its dispute resolution mechanisms through the Administrative Review Tribunal whilst catering for co-operation between the MDIA and other National Competent Authorities.
The TAS Bill will set out the regime for the registration of Technology Service Providers and the certification of Technology Arrangements, providing the framework for the registration of Auditors and Administrators of DLT Platforms and the certification of such platforms.
The TAS Bill will set out the framework applicable to:
• Technology Arrangements
• Auditors of Technology Arrangements related smart contracts, and
• Administrators of Technology Arrangements
and will also specify certain Private Law issues relating to Technology Arrangements.
The VC Bill will set out the framework for Initial Coin Offerings and the regulatory regime on to the provision of certain services in relation to Virtual Currencies. The intermediaries subject to the VC Bill include brokers, exchanges, wallet providers, asset managers, investment advisors and market makers dealing in VCs.
For the full consultation document please click here