Malta: Virtual Financial Assets Act

On April 24, 2018, Malta’s parliamentary secretary for financial services, digital economy and innovation introduced a draft Virtual Financial Assets Bill to regulate initial virtual financial asset offerings and virtual financial assets.

The bill defines a “virtual financial asset" (VFA) as any form of digital medium recordation that is used as a digital medium of exchange, unit of account, or store of value and that is not electronic money, a financial instrument or a virtual token.

The bill’s key compliance features can be summarised as:

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