On Friday, July 20, the Malta Financial Services Authority (MFSA) stated that it was still in the process of developing the framework underlying recently-passed blockchain laws. They also advised the public to wait for further notice before they send in requests for approvals and authorizations.
On July 5, the Parliament of Malta passed the Virtual Financial Assets Act (VFAA) which will regulate distributed ledger technology (DLT).
With the legislation, Malta became the first country in the world to grant legal certainty for blockchain companies.
Although the VFA Act has been passed, it is not yet in force and will only become active once an announcement to that effect is issued in a government publication.
The Blockchain Island
Malta is currently committed to forming a crypto-friendly regulatory environment and becoming the “Blockchain Island.” A lot of crypto and blockchain companies have already settled in Malta, including crypto exchanges like OKex, Binance, and BitBay due to the development of blockchain within the area.