Malta: Financial Services Authority Consults on Financial Instrument Test

On April 13, 2018, the Malta Financial Services Authority (MFSA) released a consultation paper on the Financial Instrument Test, which was introduced in an earlier discussion paper on initial coin offerings, virtual currencies and related service providers, with the aim of creating a safe regulatory framework for investors and achieving market integrity in the relevant sector.

The aim of the test is to assist market participants with the classification of a distributed ledger technology (DLT) asset. Based on this test and taking into account the specific attributes of each of the DLT assets, it will be determined whether such an asset falls under the scope of:

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