The Virtual Financial Assets Act and the Innovative Technology Agreements and Services Act will come into force on November 1, 2018 – Technology

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Malta: The Virtual Financial Assets Act and the Innovative Technology Agreements and Services Act will enter into force on November 1, 2018

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Legal Notice 307 of 2018 was published on September 25, 2018 and establishes November 1, 2018 as the effective date of the Virtual Financial Assets Act, Chapter 590 of the Laws of Malta.

The Virtual Financial Assets Act will regulate the issuance of ICOs in or from Malta, the operation of stock exchanges and the provision of VFA services, while maintaining market integrity, protecting consumers and ensuring a higher degree of investor protection.

Legal Notice 306 of 2018 was also issued on 25 September 2018 and this legal notice also establishes 1 November 2018 as the effective date of the Innovative Technology Services and Agreements Act, Cap 592 of the Laws of Malta.

The Innovative Technology Agreements and Services (“ITAS”) Act provides for the regulation of designated innovative technology agreements and innovative technology services referred to in the ITAS. The ITAS is intended to operate alongside the Malta Digital Innovation Authority Act, Chapter 591 of the Laws of Malta, which came into force on 15 July 2018. The ITAS provides that an arrangement or service having the characteristics of an ITA or ITS may be recognized as such by the Malta Digital Innovation Authority (the “Authority”), subject to the Authority’s written decision on eligibility.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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