Shortly after revealing a proposal to tax bitcoin investors to make it fair on traditional investors who have to deal with the government taking one-third of their earnings, Portuguese consumer watchdog DECO has stressed that the country’s banks have “no known legal basis” to block bitcoin-related transactions. As CCN recently reported, the Portuguese branch of Spanish bank Santander, Banco Santander Totta, is halting bitcoin-related transactions while claiming cryptocurrency exchanges are transacting in non-regulated financial products.

In the coming weeks Malta is launching the world’s first legal framework for the creation of a body to regulate Blockchain, Artificial Intelligence, and IOT devices.

Parliamentary Secretary Silvio Schembri announced at the Unlock Blockchain conference in Dubai that the government had worked closely with the industry to come up with a legal framework that satisfies the AML and KYC regulations, without stifling technology innovation.

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IGA is a one stop shop to provide you with a turnkey solution for the acquisition of a Gaming License from different jurisdictions including Malta. Our advisory will assist you to set up the whole process of your operations irrespective if you are relocating from a different jurisdiction or a startup. We also offer the services of persons with key functions such as Key Official, MLRO etc.

The Malta Gaming Authority (MGA) is continuously analysing ongoing developments in the fields of Distributed Ledger Technology (‘DLT’) and cryptocurrencies including their application in various technology and innovation driven industries. Conscious of the need to remain at the forefront of innovation and to keep up with new developments in these technologies within the gaming industry, the Authority is actively considering the possibility of allowing the application of cryptocurrencies and DLT by its licensees.

The MGA is mindful that there are risks which need to be addressed in order to ensure that the necessary safeguards are in place to:

The Malta Financial Services Authority has today issued a Discussion Paper on Initial Coin Offerings (ICO), Virtual Currencies (VC) and Services Providers. The purpose behind this paper is to present a policy to the industry for the regulation on ICOs, VCs and service providers involved in ICOs and/or other VC activity.

Currently the MFSA is seeking feedback with detailed proposals to draft the legal framework. As an expert in the field, IGamingAdvisors will surely contribute to this proposal and make sure a robust and effective set of regulations are setup. It is important that although the regulations will make sure that all requirements are adhered to, the business objectives of our firms will not be hindered in any way.

The Malta Financial Services Authority has published a discussion paper on initial coin offerings (ICOs), Crypto Currencies and related service providers.

Should you wish to discuss anything please do not hesitate to get in contact with us on This email address is being protected from spambots. You need JavaScript enabled to view it., or visit our website for further information.

Consultation MFSA document can be downloaded here

Issued: 30 November 2017

Closing Date: 11 January 2018