Legislative Framework Relative To Distributed Ledger Technology: Consultation Paper Launched

On 16th February 2018, The Government of Malta launched a three week consultation period on the establishment of an Authority to be known as the Malta Digital Innovation Authority and the framework for the certification of Distributed Ledger Technology Platforms and related service providers. The scope of the proposed legislative enactments is to create legal certainty in a space that is currently unregulated. The Consultation documents present a conceptual framework through which Distributed Ledger Technology Platforms can be subject to certification in Malta. This framework also takes into account the need to oversee the principal service providers to Distributed Ledger Technology Platforms. Separately through the Malta Financial Services Authority, the framework extends to issuers of ICOs and certain service provides dealing in virtual currencies. The consultation period is open until 9th March 2018.