Parliament of Malta to pass 3 Crypto Bills in 2d Reading

Today the Maltese Parliament is to be passing the three cryptocurrency and blockchain bills through their second reading
26 June 2018   331

This event was declared by Parliamentary Secretary for Digital Innovation Silvio Schembri in his opening speech at the Malta Institute of Management Cryptocurrency Considerations for Management Conference. These laws are to enable Malta to be a crypto space of choice for investors and business owners who are interested in a favourable jurisdiction to establish their cryptocurrency or blockchain firm.

The Virtual Financial Assets Act (VFA)

This VFA is set up to controll initial coin offerings (ICO). The bill affirms that projects engaging funding through ICO have to issue White Papers. The order also demands that the issuer’s financial history must be made public.

The Malta Digital Innovation Authority Act (MDIA)

The MDIA claims that an industry-specific governing structure will be instituted. This authority will be accountable to support the development and adoption of the guiding principles described in this Act and to promote consistent principles for the development of visions, skills, and other qualities towarding technology innovation. 

The Innovative Technology Arrangements and Services Act

This order is about the regulation of designated innovative technology arrangements. It will be the mechanism by which blockchain-built enterprises are estimated as such under the law, and as such will be the basis for the previous two bills to operate.

The implemention of these new bills provides an investor a transparent picture of the legal framework demanded to start a legitimate cryptocurrency business in Malta. 

Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   92

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.