Hold your horses, MFSA tells blockchain sector

Blockchain-based?companies intrigued by Malta's "blockchain?island" pivot were told they will have to wait before they can apply for approvals and authorisations in the country.
In a statement issued on Friday, the Malta Financial Services Authority said that it was still developing the framework underlying recently-passed blockchain laws. Operators, the MFSA said, should wait for a public announcement from the authority before sending in requests for approvals and authorisations.
Maltese MPs passed the Virtual Financial Assets Act earlier this month, one of three bills focused on introducing regulation for the blockchain sector. In doing so, it became arguably the first country in the world to develop a regulatory system custom-made for blockchain-based businesses.
The VFA Act was coupled with a law introducing a new regulatory body which will be responsible for overseeing the sector, the Malta Digital Innovation Authority, and another law primarily concerned with rules for cryptocurrency exchanges and companies, the Innovative Technology Arrangement and Services Act.
But while the passing of the VFA Act prompted much celebratory back-patting on Twitter, it is not yet in force...

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