Blockchain

Maltese Legislation relating to DLT business approved by Parliament

The draft legislation relating to Virtual Financial Assets, previously shared in draft, has now been finalised and approved by the Maltese Parliament. The Malta Digital Innovation Autority (MDIA) was launched in October 2018 as the first ever Authority to be established in order to draft, regulate and manage all digital innovations.

With deep insight into the laws and regulations PwC Malta is able to offer advice and assistance to organisations using DLT or smart contracts seeking to be licenced by the MFSA or to be recognised by the MDIA.

The approved versions are available by accessing the links below.

Virtual Financial Assets Act

The objectives of this Bill are to regulate the field of Initial Virtual Financial Asset Offerings (ICOs) and Virtual Financial Assets and to make provision for other matters ancillary or incidental thereto or connected therewith, including exchanges.

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Innovative Technological Arrangements and Services Act

The objective of this Bill is to provide for the regulation of designated innovative technology arrangements referred to in the Bill, as well as of designated innovative technology services referred to in the Bill, and for the exercise by or on behalf of the Malta Digital Innovation Authority of regulatory functions with regard thereto.

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Malta Digital Innovation Authority Act

The objective of this Bill is to provide for the establishment of an Authority to be known as the Malta Digital Innovation Authority, to support the development and implementation of the guiding principles described in this Act and to promote consistent principles for the development of visions, skills, and other qualities relating to technology innovation.

The bill will also provide for the exercise by or on behalf of that Authority of regulatory functions regarding innovative technology arrangements including distributed or decentralised ledger technology, and related services and to make provision with respect to matters ancillary thereto or connected therewith.

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Systems Auditing

Our PwC Systems Auditing team brings a wealth of experience and specialist skills to perform the audits required by Applicants seeking MDIA and MFSA certifications on Innovative Technology Arrangements (ITA). The approach is risk-based and linked to a deep understanding of the technology-based solution. The tasks typically include controls testing; functional code review, penetration testing.

For more information contact:
George Sammut
E: george.sammut@pwc.com

Keith Cutajar
E: keith.cutajar@pwc.com

Technology

Our PwC Technology Advisory team provides a range of services to accelerate the journey from an idea to a live working solution based on DLT technologies. We can assist at the proof-of-concept stage to determine the feasibility of using various technologies; meeting technical standards and regulation; building in the right measures to address cybersecurity and business continuity. Our technology resources are coupled with business sector specialists that "speak your language" to provide insights from around the PwC global network.

For more information contact:
George Sammut
E: george.sammut@pwc.com

Keith Cutajar
E: keith.cutajar@pwc.com

Regulatory

Our PwC's emerging technologies regulatory practice helps VFA issuers and service providers in assess the appropriateness of Malta's VFA regime in relation to setting up operations in Malta, toghter with the support of our accounting, tax, legal and tech consulting experts.

For more information contact:
Fabio Axisa
E: fabio.axisa@pwc.com

Chris Mifsud Bonnici
E: chris.mifsud.bonnici@pwc.com

Tax and Legal

Our PwC's tax and legal services unit gathers a pool of accountants and lawyers with considerable experience on individual and corporate clients both on local and international tax and other matters.

For more information contact:
Mark Lautier
E: mark.lautier@pwc.com

Mark Abela
E: mark.abela@pwc.com

Assurance

PwC Malta is the leading audit service provider of the island. We serve a wide range of audit clients including companies involved in manufacturing, hospitality, retailing, information technology and financial services.

For more information contact:
Joseph Camilleri
E: joseph.camilleri@pwc.com

Advisory

We support clients operating in the Blockchain and DLT space by providing them with suite of advisory services, which will help them see their proposals come to life. Our PwC’s advisory services comprise Deals (including corporate finance, raising of finance, valuations and transaction services), Consulting (including change and programme effectiveness, people and organisations and customer experience) and Governance, Risk and Compliance (including compliance audits, forensic investigations and internal audit).

For more information contact:
Bonavent Gauci
E: bonavent.gauci@pwc.com

Training

Are you looking to enhance your team's understanding of Distributed Ledger and Blockchain Technologies? We are ready to help you improve your team's understanding through an innovative and engaging game – The Blockchain eXperience - held at The Hub, PwC Malta.

This type of dedicated training service is available exclusively at PwC's Academy, which provides a unique learning experience beyond traditional learning methods.

For more information contact:
Robert Debono
E: robert.debono@pwc.com
www.pwc.com/mt/academycalendar