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Malta > Legal Developments > Law firm and leading lawyer rankings

Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

The Financial Instrument Test

August 2018 - Finance. Legal Developments by Kinanis LLC.

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A. INTRODUCTION

By enacting the Virtual Financial Assets Act (VFAA), the Maltese Government has regulated the Blockchain / ICO / DLT industry. The law appoints the Malta Financial Services Authority (MFSA) as the designated authority to oversee this business.

Since this industry has elements of the Financial Service Regulations (namely MiFID), it is important to clearly distinguish one from the other.

In order to ensure a clear difference, the MFSA has sought to further clarify the instances under which the new legislation applies. It has done this by introducing the Financial Instrument Test, which will be analysed below.

Maltese Parliament has unanimously approved second reading of all three Cryptocurrency/Blockchain/DL

Maltese Parliament unanimously approves second reading of all three Crypto-currency Bills.

Publication of the Insurance Distribution Act and Insurance Distribution Rules

The Insurance Distribution Rules published by the MFSA come into force as of 1st October 2018.

Malta Ahead of the Game: Three cryptocurrency and blockchain Bills passed the second reading stage

During a conference organised by the Malta Institute of Management, Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri, announced that the three crypto-related bills, namely the Malta Digital Innovation Authority Bill, the Innovation Technological Arrangements and Services Bill, and the Virtual Financial Assets Bill will pass through the second reading in Parliament, and in fact yesterday evening the Maltese Parliament finalised the second reading stage. The bills will now move on to the committee stage and then on to the third reading stage. Once the third reading in parliament is concluded the bills will then be presented to the President of Malta for her assent and become law.

MALTA - ICOs THE NEW LEGISLATION

A. INTRODUCTION

Initial Coin Offering, known as “ICO”, is a relatively new phenomenon that has quickly become the main player in the Financial Services and Crowdfunding industries, as well as being the key subject of discussion in the Blockchain communities. In essence, it is one of the most advanced methods of raising finance from the public and is becoming increasingly popular to fundraise start-ups.

While all jurisdictions are shying away from regulating this industry, Malta has recently introduced a specific regulatory framework for ICOs and has become the first jurisdiction worldwide to regulate ICOs and Blockchain Technology.

This publication in fact seeks to give an overview of the recent laws and regulations relating to ICOs.

MALTA - VIRTUAL FINANCIAL ASSET SERVICES THE NEW LEGISLATION

August 2018 - Finance. Legal Developments by Kinanis LLC.

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A. INTRODUCTION

Blockchain technology has revolutionized the way of doing business globally. In fact, similar to Investment Services, a number of ancillary business activities are now connected to the industry, ejecting the Blockchain technology to endless fields of everyday life.

Instead of shying away from the technological challenge, the Maltese government has adopted legislation that regulates the offering of certain services (known as Virtual Financial Asset Services) to cryptocurrencies, which includes the operation of platforms to exchange such cryptocurrencies, portfolio management and providing investment advice amongst others. This makes Malta a pioneer in this sector and offers legal certainty, to such an extent that following such a commitment from the Government, crypto-giants are already relocating to Malta, seeking to benefit from a regulated environment and a beneficial tax rate.

Commercial Importation Of Aircrafts

July 2018 - Transport. Legal Developments by GVZH Advocates.

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An aircraft whose owner is established in the European Union and is intended for commercial use may be imported through Malta for VAT purposes and thus enabling the aircraft to be in free circulation within the European Union.

This procedure is a full importation procedure and requires the aircraft to be physically present in Malta to undergo the necessary VAT and customs procedures. Most of the paperwork can be processed before the arrival of the aircraft to Malta therefore ensuring minimal turnaround time.

Telecoms & Media in Malta | 2018 GTDT Edition

Communications policy

Regulatory and institutional structure

Summarise the regulatory framework for the communications sector. Do any foreign ownership restrictions apply to communications services?

The regulatory framework for telecommunications in Malta is based on the following primary and secondary legislation:

Lexology 2018 Q&A Report on Data Security & Cybercrime in Malta

Jurisdiction snapshot

Trends and climate

Would you consider your national data protection laws to be ahead or behind of the international curve?

Malta has been proactive in the implementation and development of its national data protection legal framework and is fully compliant with EU standards and best practice. Accordingly, Malta is a member of the EU Article 29 Data Protection Working Party and actively and periodically ensures that all of its policies and best practices are in line with those established by the working party.

A holistic approach to regulating cryptocurrencies and virtual financial assets in Malta

July 2018 - Finance. Legal Developments by GVZH Advocates.

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Malta’s Parliament has recently approved three bills surrounding blockchain technology and cryptocurrency. These bills were presented by the government in order to instil legal certainty in the sector as well as to address banks’ concerns in accepting companies working in the industry.

Interview with...

Law firm partners and practice heads explain how their firms are adapting to clients' changing needs

International comparative guides

Giving the in-house community greater insight to the law and regulations in different jurisdictions.

Select Practice Area

GC Powerlist -
Europe

International comparative guides

Giving the in-house community greater insight to the law and regulations in different jurisdictions.

Select Practice Area

GC Powerlist -
Europe