The Agency’s financial services Malta (MFSA) has published a report on the ICO, digital currencies and providers of related services. This institution also provides for the establishment of a mechanism to regulate the market of crypto-currencies.
It is an encouraging sign for the country that have started in the race for funding after the bank with the oldest maltese banned all transactions of Bitcoin. Obviously, a tension exists between the institutional investors in the country and the government. This last wishes as effect help to open the way to a new financial future.
The problems that Malta is facing
The MSFA is the main financial regulator in the country and seems to be looking for advice on how to proceed with this major change in the world of finance. In effect, it wishes to put in place systems to regulate the ICO, the technology of Blockchain and crypto-currencies in Malta.
The goal of MSFA is to develop a regulatory framework that supports innovation and new technologies for financial services. Malta is an archipelago situated just to the south of Italy, which is home to nearly half a million citizens. It is the smallest nation of the european Union. The announcement of the MFSA has indicated that a consultation will take place from 30 November 2017 January 11, 2018.
The bank of Valletta has stopped the transaction of crypto-currencies
This week, the oldest bank in the country, the BOV, has banned all operations of crypto-currencies. A customer of the bank stated that a representative who he talked to was very friendly but unable to give more information on this decision.
The bank even went so far as to reverse the SEPA transactions. The users ask, then, how this situation will evolve. Silvio Schembri, parliamentary secretary, said the ban would only be temporary.
Source : NewsBitcoin