Malta hit with two new regulations with Cryptos

November 2018 is the month you need to be dreading if you’re a crypto trader in Malta. Malta has been seeing inflows of tech developers, crypto enthusiasts, and investors over the past few months. hence the name “cryptocurrency heaven”. Many people have been asking the question why Malta has been such a popular country for cryptocurrency investors. The simple answer to this question is that it is probably the easiest place to make money with cryptos.  BitBay and Binance are now permanent residents of Malta making their outflow of information most accessible for Maltese people, this is one of the main reason pretty much everyone has at least 1 Ripple in Malta.  Plus f you want to influence anything you possibly can in the cryptomarket you need to be living close to the giants.

Are the regulations dangerous?

The government is getting very serious about the topic of crypto regulations, it is sad to see for many investors for their favorite trading place to be nicked away by the government. The two new regulations are called the ITAS (Innovative Technology Arrangement and Services Act) and the VFA (Virtual Financial Assets Act). We will be seeing both of them come into the game in November. Some people also speculate that their regulations were created back in June when the Government was holding meetings about the same topic. No matter how much the traders will try to fight the new regulations they will still be seeing daylight within a month.

ITAS & VFA Dissected

Do you want to be a technology provider in Malta, and we’re talking about pretty much every single type of technology here, not only the miners, then you will have to become very good friends with the ITAS, because they will be the judging jury when it comes to deciding to let you in or not.

VFA will be the managing body of ICOs. The whole reason behind bringing the VFA in is quite silly when you look at it from a non-trader point of view. The VFA will be asking ICO issuers to give comprehensible and easy to read whitepapers. The reasoning behind this is because many politicians and government officials who are not “trade literate” have a hard time understanding the whitepapers these ICO issuers have. Therefore the regulation. Nothing too serious actually.