The Malta Financial Services Authority (the “MFSA”) has issued a discussion paper on initial coin offerings (“ICOs”), virtual currencies (“VCs”) and related service providers. The purpose of this paper is to encourage industry participants to provide feedback to the MFSA in regard to its planned policy framework which aims to regulate ICOs, VCs and service providers involved in ICO and/or other VC activity in an innovative and responsible way. The paper sets out a number of questions on various proposed regulatory frameworks relating to investment services licence holders, exchanges, credit institutions, financial institutions, (re)insurance companies and retirement pension schemes. Following industry feedback derived from this discussion paper, the MFSA aims to be in a position to draft more detailed proposals for a legal framework regulating these currently unregulated areas.
The full discussion paper can be found on the MFSA’s website; https://www.mfsa.com.mt/