The Malta Financial Services Authority (MFSA) has published a new set of rules regulating collective investment schemes using virtual currencies.
The regulatory framework being presented will be the first of its kind, making Malta the first jurisdiction to set-up this framework to ensure investor protection and financial soundness with regards to collective investment schemes that invest in virtual currencies.
The publication of the regulatory framework ensures that risks associated with virtual currencies are properly addressed.
The MFSA issued a consultation on the Proposed Regulation of Collective Investment Schemes investing in virtual currencies last November. The main proposals introduced within the regulatory framework were aimed at safeguarding the interest of investors and the integrity of the financial market in the context of virtual currencies.
Parliamentary Secretary Silvio Schembri said that this is the first step towards having a Virtual Currency Act. He added that work is being carried out for regulating virtual currencies, ICOs, exchanges and the use of blockchain technology.
The feedback statement from the MFSA can be viewed here.