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:
The dialogue on the subject of blockchain has evolved since bitcoin achieved mainstream notoriety a few years ago. At the time, markets were told that bitcoin was not blockchain, and that the two terms were not to be confused with one another. The prevailing impression was that there was something sinister about bitcoin and its use case, and that such an aspect could impinge on the progress of blockchain in general.
As robotics and artificial intelligence (AI) become more prevalent in the world economy and modern society, timely legislative efforts could help smoothen the proliferation of this technology and prevent undesired consequences.