Malta Extends The Area Of Proposed Virtual Currency Regulations
Malta, a European archipelago nation is also concerned about the cryptocurrency market. But unlike other governments that impose their rules from the office, Malta seeks to engage citizens. That is what authorities in Malta have decided to do. The consultation period between state agency and citizens took place last year. The period covered between October 23 and November 17. It is after this lengthy consultation that Malta Financial Services Authority (MFSA) has published a feedback report. The consultation period was to look into all issues regarding collective investment schemes. These investment schemes involve virtual currencies.
Why Has Malta Extended Proposed Digital Currency Regulations?
After an intensive consultation period, the MFSA has finally released a report. In part, the report says, “They sought to safeguard the interest[s] of investors. They also touched on the integrity of the financial market in the context of virtual currencies.” Many questions were addressed during the consultation period. People sought to know the level of exposure the regulator was talking about. The answer to this question they discuss in the following response. According to the report by the regulator, nobody should fear. But that does not mean that there should not be caution. There should be.
Collective Investment Schemes Subject To Regulations?
The MFSA said in the reports that all collective investment schemes will be subject to regulations. The regulator even mentioned that it doesn’t matter the level of exposure. All that invest in any form of cryptocurrency will be subjected to rules. Further, the regulator said that there would be no shortcut. In other words, the regulator said that this is not real money casino business where anybody can join and do what they want.
Indirect Virtual Currency Investment Proposed Regulations
Any direct and indirect virtual currency investment should adhere to the proposed regulations. On this, respondents sought to know what indirect trading was. In answering, the regulator mentioned of virtual currency exchanges. They work in behalf of clients who are real account owners. The MFSA said that digital coin exchanges do not have accounts of their own. They operate their clients thus get the commission.
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All Digital Currency Exchanges Must Follow Guidelines
Trading companies are vehicles that enable traders to leave point A to arrive at point B. All these exchanges must also follow guidelines that have been proposed. But there is also one thing the regulator made clear. The MFSA said that these rules would be available to ‘qualifying investors.’ “This will significantly restrict investments in VCs. We’re considering whether credit and financial institutions should be allowed to engage in cryptocurrency trade,” the MFSA said.
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