Silvio Schembri, Junior Minister for Financial Services, Digital Economy and Innovation in the Government of Malta, declared that Malta Business Registry (MBR) would become the first government agency to be run on a blockchain-based system as well as artificial intelligence.
The Malta Financial Services Authority (the ‘MFSA’) have published a circular with a status update on the VFA Framework.
Why is Malta the blockchain island? Did you know that Malta is in pole position for this title? Indeed, so confidently and determinedly is Malta adopting blockchain that is has by now won global recognition as the Blockchain Island.
On 13 April 2018, the Malta Financial Service Authority (MFSA) published a circular to the industry about a consultation paper on the Financial Instrument Test. The objective of this test is to determine whether a Distributed Ledger Technology (DLT) asset, depending on its features, falls within the sphere of either the traditional European and local financial services legislation, or within the sphere of the proposed Virtual Financial Assets Act (VFAA), or is otherwise exempt from regulation