Malta's regulator proposes classification test for ICO and cryptocurrencies

Posted 16 April, 2018

Malta Financial Service Authority intends to launch financial tool testing, that may help to define de jure tokens and ICO along with other issues, as reads the document released on the Authority's website.

As commented the spokesperson of Malta Financial Service Authority, with the testing it will become easier to define whether DLT-based cryptocurrency is classified among traditional financial solutions in the EU or it falls under Malta's Virtual Financial Assets Act (VFAA), as reported in mass media.

It is worth mentioning, that this test was initially offered in the document related to ICO, cryptos and service providers back on November 30, 2017, and this issue got positive comments.

As a result, the regulator considers the test as a mandatory process under the VFAA and will be applied to all ICO and platforms connected with cryptocurrencies, according to the released document.

Meanwhile, MFSA keeps collecting reviews of the testing in order to make adjustments and improvements before the official release. All interested parties can submit their review during the ongoing survey till May 4.

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17 April, 2018 18:00

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