Blockchain technology

 

 

We are pleased to announce that PwC Malta has been accepted and approved as the first registered Systems Auditor with the MDIA. This announcement has been published on the MDIA website.
Our Systems Audit service offerings
 

 

 

Malta’s new regulatory framework built for blockchain technology

Blockchain has the potential to powerfully disrupt many aspects of how businesses and economies work; even how societies are organised. Blockchain goes to the core of the role of trust in markets – an area that is central to PwC’s purpose.

Malta’s strategy and regulatory framework for Distributed Ledger Technologies (DLT) such as cryptocurrency businesses (including exchanges) and virtual assets is creating new business opportunities in a fast-evolving digital environment. The Maltese parliament is enacting three new laws enabling blockchain based businesses: The Malta Digital Innovation Authority Bill (MDIA), The Technology Arrangements and Services Bill and the Virtual Financial Assets Bill.

PwC Malta is helping its clients develop and execute their blockchain strategies. Together with our global network of PwC firms we strive to deliver blockchain solutions that provide trust, transparency, and security. Together, we can differentiate your business and help you set the stage for future growth.

 

blockchain-pwc-malta

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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How can PwC help?

We can provide you with a variety of services in relation to this new legislation.  Please feel free to contact any of our blockchain team members to find out more.

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

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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

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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

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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

 

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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

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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

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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

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The Blockchain eXperience at PwC Malta

PwC’s Academy has developed an innovative and engaging game that shall enable you to understand how Blockchain technology works. This gamification experience can help you understand better the main features of this relatively new technology and how it actually works.

The approach adopted throughout this experience introduces technology complexity in a gradual way, by taking participants through the different levels of the game. Each level is accompanied by the relevant technical explanations enabling each participant at any role to understand the details behind the Blockchain technology.

 

Browse upcoming sessions

 

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Contact us

David Valenzia

Territory Senior Partner, PwC Malta

Tel: +356 2564 6892

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