In this issue of The Daily, we review recent regulatory developments regarding the use of cryptocurrencies and related industries from around the world. The Italian legislator has approved a definition mandate, Mauritius has established a crypto-safe license, and Malta is to provide cyber-security guidance to the crypto funds, exchanges and ICOs registered on the island.
Also read: Abra Expands its Crypto Exchange App with Stock and ETF
Lawmakers in Italy approve Blockchain Bill
According to Italian reports, the country's lawmakers approved a bill, which was described as Rome's first attempt to legislate certain aspects of the industry based on cryptocurrency. As we reported back in January, the draft law creates legal definitions for crypto-sector terms such as "smart contract" and "distributed ledger technology" and mandates that Italy's Agenzia for Italy assigns to certain technical entities Requirements to be set These technologies are expected to be met within a specified time period.
Mauritius completes Crypto Custody Framework
The Financial Services Commission (FSC) of Mauritius announced on February 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 Services (Digital Asset) license has been finalized, which will soon allow authorized companies to offer custody of crypto assets.
The FSC states that the framework for international consultations has been developed at the level of the Organization for Economic Co-operation and Development (OECD) and that license holders must comply with the applicable framework for combating money laundering and terrorist financing international best practices. "This new regulatory framework will enter into force on 1 March 2019.
Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, stated: "In revolutionizing the global fintech ecosystem through this regulatory framework for custody of digital assets, my government reiterates that it will accelerate the country's step at a time of digitization of the economy growth. As an African country, we look forward to furthering innovation and bringing greater prosperity to the region. "
The chairman of the FSC, Dr. Renganaden Padayachy, added: "The draft has identified a number of key opportunities that we need to leverage to promote more value added activities in our legal system. This new framework is in line with this strategy and we are confident that this will be a further complement that will increase the competitiveness of our jurisdiction. "
Malta offers cyber security guidelines for exchange
The Financial Services Authority (MFSA) presented to the public on 8 February its proposed cybersecurity strategy for companies operating in the country's crypto asset sector. The regulator has launched a consultation on the "Guidance Notes on Cybersecurity", which is intended to apply to companies legally incorporated as professional investor funds investing in virtual currencies, VFA agents, issuers and VFA service providers.
The suggestions contained are based on a number of international initiatives, such as those of the European Banking Authority. The consultation will be open to the public until 8 March 2019 and industry participants are invited to send their replies by then.
Joseph Cuschieri, MFSA's Chief Executive Officer, said: "MFSA's goal is to increase security in a complex digital world. These Guidelines reflect the Authority's approach to effective risk management and understanding of risk factors directly related to a company's business in the financial services landscape. The newly launched MFSA Vision 2021 identifies the use of a risk-based supervisory approach as one of the key pillars of this strategy. "
What do you think about today's news? Share your thoughts in the comments below.
Images courtesy of Shutterstock.
Check and track Bitcoin cash transactions with BCH Block Explorer, the best of its kind in the world. Stay in our market charts on Satoshi & # 39; s Pulse, another original and free service from Bitcoin.com, about your holdings, BCH and other coins to date.
The contribution On the agenda: Regulatory Developments in Italy, Mauritius, Malta first appeared on Bitcoin News.