The Virtual Finance Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS) are going to be enforced in Malta on November 1st. The Virtual Finance Assets Act (VFA) is a set of rules, regulations, requirements and procedures which ICOs are required to comply. A vital component of the VFA is the required disclosure of financial history of the companies launching an ICO. Whereas the Innovative Technology Arrangement and Services Act (ITAS) is providing the regulatory foundation for the blockchain industry and cryptocurrency.
The Malta Blockchain wire announced that the introduction of the blockchain related legislation should coincide with the commencement of the Malta Blockchain Summit. The CEP of the Malta Blockchain Summit, Eman Pulis, stated that Malta has always made a conscious effort towards the introduction of Blockchain-based legislation, and the introduction of the VFA and ITAS will make Malta the leading jurisdiction for DLT and Blockchain. Pulis further added that the summit would be an ideal platform for Malta demonstrate the stride it has made in making Malta attractive for investors, ICOs and blockchain based business on a legal front.
Around 5000 delegates are expected to attend the Malta Blockchain Summit, and some of the speakers at the Summit include the Founder of Evercoin exchange, Miko Matsumura; Fintech and regulatory advisor Loretta Joseph, CEO and founder of the Generis Group, Marco Streng, and Member of European Parliament Eva Kaili. Malta is set to become a Blockchain Island.
Binance, a notable crypto exchange, has opened its office in Malta due to unfavorable regulations in China and Japan. Another Crypto exchange known as Bittrex has also moved to Malta as the tiny Island Nation is continuing to attracting crypto and blockchain based businesses from all over the world.
Rick Klink, the founder of Paritech and OpenMarkets, is set to lead the MDX or the Malta Digital Exchange. MDX aims to become the best exchange for token and cryptocurrency. MDX seeks to focus on the security tokens and the virtual financial assets and has chosen Malta as its home due to its supportive and innovative regulations.
According to Klink, the present is an exciting time for the digital assets owing to a fast emerging security token. Further, the MDX aims to be the leader of the Capital Market 2.0 wave.
