The small Mediterranean island nation of Malta is the breeding ground for the development of the iGaming industry – numerous industry giants have their offices there, the latest being William Hill. Malta's gambling license is one of the most sought-after in the world. The significance of this country for the gambling industry cannot be overstated, which is why every little legislative change they make will be watched closely by so many eyes.
With that said, the Maltese government has indeed enacted three new bills that came into effect on Wednesday, bills that will help create a legal framework for establishing cryptocurrency flow there. Some of the key regulations and features in these bills are: no insider trading or market manipulation, as well as any misleading ads.
The bills do not directly address Bitcoin, Ethereum or even the very term “cryptocurrency,” in order to abide by European directives. Instead, “Distributed Ledger Technology (DLT)” is used to define these legislatures. For instance, “DLT asset” is a virtual token, electronic money, or a virtual financial asset. The new bills’ aim is to begin creating a crypto business climate on this island, for any company that is willing to pay the fees and employ local populace.
The cryptocurrency community on this island will be prohibited from insider trading, market manipulation or any misleading whitepapers. By “insider dealing,” including or recommending another person to engage in inside dealing is what is usually meant and this will present a serious offense if done with intention. It's the same with market manipulation, defined as “attempted manipulation of a virtual financial asset or a benchmark through the employment of an abusive strategy that may be carried out by any available means of trading or other means.” As for advertising, the law states: “The issuer shall be liable for damages sustained by a person as a direct consequence of such person having bought virtual financial assets, either as part of an initial VFA offering by such issuer or on a DLT exchange, on the basis of information deemed to be untrue…misleading or otherwise inaccurate or inconsistent, either wilfully or in consequence of gross negligence.”
For any of these offenses, a fine of up to €15 million has been put in place!
Source:
“No Insider Trading, Market Manipulation and Misleading Ads – Malta's New Crypto Law”, Mizrahi Avi, bitcoin.com, July 6, 2018.
coolsongss
5 years ago
Hero Member
I don't really know, but, by reading the article, I feel like that MGA didn't really prevent Cryptocurrencies, but they are kind of warning against the casino's direct involvement into any kind of ICOs or any particular currencies promotions... something like that... I would read some more articles on it. Thanks for...
I don't really know, but, by reading the article, I feel like that MGA didn't really prevent Cryptocurrencies, but they are kind of warning against the casino's direct involvement into any kind of ICOs or any particular currencies promotions... something like that... I would read some more articles on it. Thanks for the information.
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jdpennyd
6 years ago
Jr. Member
That is a heavy fine but Malta does not mess around. It does day up to 15 million so there could be minimal fines for small infractions. I am happy to see Malta requalting the crytpo currency market, it bring some legitimacy to the currency in the world of gambling.
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Daniel Hughother
6 years ago
Full Member
Yes, it sounds kinda high, but that may be the only way to show how serious they are about it. Also, with all the scams and outright robbery going on with crypto, it may be a way to show some sort of legitimacy to the whole cryptocurrency gambling scene, and bring more people into it. I know many folks around this forum...
Yes, it sounds kinda high, but that may be the only way to show how serious they are about it. Also, with all the scams and outright robbery going on with crypto, it may be a way to show some sort of legitimacy to the whole cryptocurrency gambling scene, and bring more people into it. I know many folks around this forum that won't go near it for whatever reason.
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fredos386
6 years ago
Hero Member
Vladalas "a fine of UP TO 15 millions". There are ways to break this law that would deserve more than that hehe. There are so many shady scamaz things going on with cryptos and online gambling these days that i don't think they have choice but to be very tight and harsh with anyone trying to benefit illegally from all this.
Vladalas "a fine of UP TO 15 millions". There are ways to break this law that would deserve more than that hehe. There are so many shady scamaz things going on with cryptos and online gambling these days that i don't think they have choice but to be very tight and harsh with anyone trying to benefit illegally from all this.
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VlagreDis
6 years ago
Newbie
€15 million sounds pretty severe – one offense and you're out, how do you ever recover from that? But maybe harsh measures are what's needed – there is a lot of shady business going on, and with Malta being a key territory for online gambling, this may be great news for crypto casinos.
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