The Maltese government releases a consultation paper dedicated to DLT
The Government of Malta has announced a Consultation paper that relates to a dedicated digital department that will be known as the Malta Digital Innovation Authority (MIDA) as well as a comprehensive legal framework to support Distributed Ledger Technology Platforms and related service providers. Released by the Parliamentary Secretary for Financial Services, Digital Economy, and Innovation within the Office of the Prime Minister, they invite responses and contributions to the range of suggestions and plans that the paper unveils.
The Consultation paper will propose a framework that will conceptualise the creation of a new government-backed authority, the MDIA, as well as the voluntary registration of service providers working within the technological sphere, as well as the certification of Distributed Ledger Technology (DLT) Platforms and smart contracts.
The proposed framework will also include an MFSA developed regime that will seek to facilitate an approval process for ICOs as well as provide registration processes for service providers that deal in Virtual Currencies (VCs) such as exchanges, wallet providers, brokers, managers, investment advisors, and other stakeholders.
The Consultation paper was published on the 16th of February and will run until the 9th of March 2018. It poses the question; “do you agree with the approach outlined hereunder relating to the proposed framework for Technology Arrangements and Technology Service Providers?” and then provides more detailed information on the different areas that will be included in the new framework and proposed measures.
Targeted at a range of stakeholder in the digital technology sector, it is hoped that it will encourage input from promoters, developers, administrators of DLT platforms, as well as issuers of ICOs, brokers, exchanges, and other various intermediaries that deal in virtual currencies and other assets. It is also hoped that it will prove interesting to other national authorities and other regulated entities that are either already using or are planning to use Distributed Ledger Technology within the business world. The paper also has significant relevance to those who are members of relevant trade associations and industry bodies.