Malta’s 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.
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
- Innovative Technological Arrangements and Services Act
- Malta Digital Innovation Authority Act
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.
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
- Technology
- Regulatory
- Tax and Legal
- Assurance
- Advisory
- Training
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.
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