Muscat Mizzi Advocates is pleased to announce that its virtual financial assets arm, MMC Consultancy Limited, is in receipt of an ‘in principle’ approval from the Malta Financial Services Authority to be registered as a Virtual Financial Assets Agent. We are thrilled to be amongst the first applicants to receive an ‘in principle’ approval from the Malta Financial Services Authority.
The EU’s current legislative framework governing copyright and related rights dates all the way back to 2001 - to a pre-historic digital landscape incredibly different to the present day. This was a time which pre-dated the emergence of the content consumption modes currently in vogue. Back in 2001 Spotify, Youtube, Netflix, Apple Music and the like had yet to make an appearance on our technological devices. In fact, mobile devices with internet access capabilities were about as commonplace as DVD rental shops are in 2019. Truth be told the cultural consumption landscape is unrecognisable and the need for a radical overhaul in this respect was undeniable.
On 9 January 2019, the European Securities and Markets Authority (“ESMA”) published its advice to regulators across EU Member States in relation to initial coin offerings (“ICOs”) and crypto-assets in general. It is our view that the advice indirectly endorses Malta’s legal framework on distributed ledger technology and crypto-assets. Below are some of the key points, including a brief explanation on how Malta’s framework corresponds to such: