Maltese digital currency iBT
according to the virtual financial assets Act (hereinafter referred to as VFAA) which came into effect on November 1, 2018 by the Maltese Government, a license is required to operate the virtual financial assets (VFA) business. This kind of license is issued by the Malta Financial Services Authority (MFSA). All applications for licenses must be made through qualified VFA agents
according to the virtual financial assets act, according to different types of business activities, the license is divided into four categories:
category 1: investment consulting
the license allows the holder to provide investment consulting and financing services for customers, but not to hold virtual assets on behalf of customers
scope of application: VFA investment advisory bodies
category 2: except for exchanges and proprietary trading, any other virtual asset services
holders of such licenses have the right to provide any VFA services and can hold or control customers' funds, but they can not operate VFA exchanges through their own accounts or operate exchanges by themselves
scope of application: wallets, encrypted financial asset investment funds
Category 3: any other virtual asset services except exchanges
holders of such licenses have the right to provide any VFA services, hold or control customers' funds, but cannot operate VFA exchanges
scope of application: OTC traders or market makers
category 4: VFA exchanges
are authorized to operate VFA exchanges and hold or control customer funds, virtual financial assets and / or private encryption keys, as well as services of custodians or agents, but only limited to the operation and related activities of the exchanges
scope of application: all kinds of cryptocurrency exchanges, such as coin an and okex, need to apply for such licenses
the application cycle is 1-2 months. It is suitable for the exchange to apply for compliance, and can engage in financial services such as ICO, cryptocurrency, etc. for details, please consult.
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the Maltese cabinet has just approved three more bills at the end of April, one of which is the "virtual financial assets act", which provides a regulatory framework for cryptocurrency and ICO
as the smallest EU member, Maltese Government officials hope to increase its wealth by making this Mediterranean island country one of the most cryptocurrency friendly regions in the world. The move has attracted the attention of regulators in other countries
why is Malta attractive to the encryption world
at a time when countries around the world are worried about cryptocurrency and even crack down on the development of cryptocurrency business, Malta is making rules so that exchange owners and users can see the certainty of the future
these rules cover how brokers, exchanges, asset managers and traders should operate and will become a set of rules and regulations for the instry. "The proposed framework will provide legal certainty in the currently unregulated space," the Maltese Government said in a consultation paper
the country's tax policy allows international companies on the island to pay a tax rate as low as 5%
what will be the reward for Malta
Prime Minister Joseph Muskat of Malta said that he believed that cryptocurrency was "the inevitable future of money" and would become the foundation of the new economy in the future. Even in the short term, the arrival of cryptocurrency companies will bring employment opportunities and promote economic development
previously, coin an, the world's largest crypto exchange, said that after the company moved from Hong Kong to Malta, it would eventually "employ as many as 200 people" in the country
What does this mean for cryptocurrency investors
as the whole cryptocurrency instry is plagued by fraud, hacker attacks and regulatory attacks, transparent laws and legal certainty will have a positive impact on the instry
however, investors in cryptocurrency should also be careful. The recent economic achievements of Malta still cannot cover up some problems in the country, such as corruption and money laundering scandals, including the tragic killing of a journalist who wrote a report on the alleged corruption of a senior government official. Some EU members questioned the rule of law in Malta
How do Maltese rules compare with EU rules
the EU is studying the regulation of cryptocurrency, but no details have been released so far. This gives Malta the opportunity to take the lead in developing its own framework. If the EU formulates a more stringent regulatory framework on cryptocurrency, which coordinates multiple opinions, it may mean that Maltese can no longer maintain its loose policy
What does the great leap forward of Malta mean for the centers of other cryptocurrencies
Malta is trying to pull the world encryption trading center to the West. Japan, South Korea and Hong Kong have held exchange activities for many times, and Asian investors are an important force in global crypto trading. Last year, the Chinese government strictly suppressed cryptocurrency trading activities, while Japan adopted a friendly stance towards cryptocurrency. Although the Japanese authorities are still open to digital currencies, they have stepped up their scrutiny of transactions. If more cryptocurrency exchanges flock to Malta, regulatory uncertainty in South Korea and Hong Kong could put them at a disadvantage
in Europe, Maltese may face competition from Switzerland, another low tax country. The SFMA said it would monitor some of the ICO activities and launched a "crypto Valley" in Zug
from the Internet
are other companies exploring opportunities in Malta
Yes, more and more companies are looking at opportunities in Malta after coin an will announce its move to Malta. In addition to coin and okex, neufnd, a Berlin based blockchain company, and the abyss, a blockchain game platform, have announced that they will set up offices. In March, sun Yuchen, founder of BoChang, also said that he was "seriously considering" investing and setting up an operation center in Malta.
The cost is usually tens of thousands of yuan, but it's certainly inconvenient to say that you know that the application time is generally 20 working days
Malta is a highly developed capitalist country, whose economy is dominated by service instry and financial instry. Those who are engaged in the blockchain instry should know the Maltese foundation. Although the country is not big, it is the gathering place of blockchain and ICO, The first country to launch blockchain. Countries that formally recognize blockchain through legislation. Therefore, Maltese has always attracted much attention in the currency circle, and many project parties or investors prefer the exchanges or project parties with the main body or digital currency license in Maltese
similar to that in other countries, the customer provides the required information, and then we are responsible for the later registration and document submission of the customer
registration process of Maltese Foundation:
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4. Bring your passport to the Consulate General of Malta to verify your personal information
5. Register Maltese companies or funds, and handle the legal license of trading digital currency trading platform or project at the same time
information required for the registration of foundation companies in Malta:
1. Provide three alternative company names, ending with. Limited1
2. A certified true of each shareholder's passport (a of the passport can be certified at the Maltese Embassy in Beijing or the Maltese consulate in Shanghai)
Proof of address and bank certificateat present, the Singapore foundation and the Maltese foundation are the most selected blockchain projects. Both countries are very friendly to blockchain projects and have perfect laws to complete the compliance of later projects
The Maltese Government highly supports the blockchain instry. Coin an went abroad in 1994. At that time, there was no legislation in Malta. The Prime Minister of Malta met with the person in charge of coin an, and the blockchain instry moved in one after another. The Department responsible for digital currency licensing in Malta is MFSA
Malta, known as the paradise of blockchain and digital currency, has increasingly improved its policy on digital currency and exchange. In April 2018, the Maltese cabinet passed the virtual financial assets bill (VFA) and the Maltese digital innovation Authority Bill (mdia)
the VFA bill gives the Malta Financial Service Authority (MFSA) the necessary powers to supervise the exchanges, such as issuing instructions, adopting rules, obtaining information from the exchanges, and terminating the operation of ICO. The mDia Act establishes the "Maltese digital innovation authority" (mdia), which will be responsible for licensing and registration issues
in addition, the joint Co-ordination Board (JCB) of Malta will be responsible for the coordination work when the ties of mdia and traditional departments overlap. At the same time, as a member of the European Union, the establishment of an exchange in Malta may also need to meet the relevant provisions of the EU anti money laundering directive
What are the requirements for applying for Maltese digital currency license:
first of all, it must be a blockchain enterprise, which is composed of experienced blockchain practitioners. It needs to register a Maltese company and submit the company name and registrant information
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2. Provide the name of Maltese company
3. Director information
4. Registered address (Maltese local address)
5. Apply for VAT number
6. Local secretary
the anonymity of cryptocurrency is a challenge to the supervision of various countries. However, Malta has always been friendly to cryptocurrency and investors. After the registration of Maltese companies, it can start to apply for Maltese license