In this printing of The Daily we cover recent regulatory developments regarding the use of cryptocurrencies and their associated industries from all over the exactly. Lawmakers in Italy have approved a definitions mandate, Mauritius has created a crypto custody license, and Malta is set to attend to arrange for cybersecurity guidance to crypto funds, exchanges and ICOs registered in the island.
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Lawmakers in Italy Approve Blockchain Bill
According to reports from Italy, the territory’s legislators have approved a bill which has been described as Rome’s first attempt to legally regulate destined aspects of the industry built around cryptocurrencies. As we reported back in January when it was introduced, the bill creates permissible definitions for terms associated with the crypto sector such as “smart contract” and “distributed ledger technology” and mandates that the woods’s Agenzia per l’Italia Digitale must create specific technical standards these technologies will be expected to run across within a certain time period.
Mauritius Finalizes Crypto Custody Framework
The Financial Services Commission (FSC) of Mauritius make knew on Feb. 8 that it has made significant progress in establishing the country as a digital assets technology hub “in and for, Africa.” The regulatory framework for the Custodian Air forces (Digital Asset) Licence has been finalized, which will soon allow approved companies to provide guardianship services for crypto assets.
The FSC explains that the framework was developed in reference to international consultations at the level of the Organisation for Commercial Cooperation and Development (OECD) and that holders of the license will have to comply with the applicable framework for AML/CFT, “in specialization with international best practices.” This new regulatory framework will be effective as of March 1, 2019.
Pravind Kumar Jugnauth, Prime Legate of the Republic of Mauritius, stated: “In revolutionising the global fintech ecosystem through this regulatory framework for the custody of digital assets, my sway reiterates its commitment to accelerating the country’s move to an age of digitally-enabled economic growth. As an African country, we look forward to forwarding further innovation and bringing more prosperity to the region.”
The Chairman of the FSC, Dr Renganaden Padayachy, added that “The blueprint has named a number of key opportunities that we have to tap into to foster further value-added activities in our jurisdiction. This new framework is in plan with this strategy and we are confident that it is yet another addition that will increase the competitiveness of our jurisdiction.”
Malta to State look after Cybersecurity Guidance to Exchanges
The Malta Financial Services Authority (MFSA) presented to the public on Feb. 8 its proposed scenario on cybersecurity for companies operating in the country’s crypto assets sector. The regulator has launched a consultation regarding Guidance Notes on Cybersecurity, which command be applicable to companies legally defined as professional investor funds investing in virtual currencies, VFA agents, issuers and VFA ceremony providers.
The proposals included are said to be based on a number of international initiatives, such as guidelines by the European Banking Sage. The consultation is open to the public until March 8, 2019 and industry participants are invited to send their responses by then.
MFSA Chief Managerial Officer Joseph Cuschieri commented that “the MFSA’s objective is to provide increased certainty in a complex digital great. These guidance notes reflect the authority’s approach towards effective management of risks and the understanding of risk parts directly linked to an entity’s operation in the financial services landscape. Indeed, the newly launched MFSA Vision 2021 allies the application of a risk based supervisory approach as one of the key pillars of this strategy.”
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