Malta establishes a regulatory framework for the ICO

Financial Supervisory service Malta (MSFA) has published a consultation document – the so-called test of financial instruments, which is intended to legally determine the regulation of digital tokens: whether they fall under traditional financial situation or their need to adjust in accordance with local Law on digital of financial assets (VFAA).

According to representatives of the MFSA, considers the introduction of the test as mandatory requirements in accordance with the VFAA applicable both to the ICO and to the assets related to the technology of the distributed registry (DLT).

In the consultation document, relating to testing of financial instruments, it is noted that the MFSA expects feedback from the industry before proceeding further with the final version of the test. Anyone can Express their opinion in the survey conducted before 4 may.

Malta has positioned itself as the most user-friendly jurisdiction for international cryptocurrency companies within the EU, attracting to the island of business related to cryptocurrency.

So, the Hong Kong-based Chinese cryptocurrency exchange Okex announced the opening of a Malta company and the world’s largest cryptocurrency exchange Binance already left Asia and moved to the island of all its operations.

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