Launch of Consultation Process to start registering service providers and blockchain applications

October 2, 2018 Posted by News & Events 0 thoughts on “Launch of Consultation Process to start registering service providers and blockchain applications”

Launch of consultation process by Malta Digital Innovation Authority to start registering service providers and blockchain applications—“A step closer for the authority to start regulating DLT Technology” – Silvio Schembri

The Malta Digital Innovation Authority (MDIA)  has launched a consultation process to start registering service providers and to certify blockchain applications.

The consultation process will be divided into 4 stages:

  • The first consultation document published today pertains to the System Auditor Guidelines. These guidelines outline the requirements for Systems Auditors  registered with the Authority to carry out audits on blockchain applications.
  • The second consultation document is on Innovative Technology Arrangement Guidelines which sets out the requirements to certify DLT Platforms and Smart Contracts.
  • The third consultation document consists of the Technical Administrator Guidelines and outlines the requirements for the entity responsible to maintain and oversee the Technology Arrangements to safeguard user protection.
  • Lastly, the fourth consultation document relates to the Resident Agent Guidelines which obliges non-Maltese companies/individuals to engage a person residing in Malta for their operations.

Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri said that the guidelines that are now up for consultation will set the groundworks to put words into action for this new regulator to start operating effectively. “As a government we are ready to listen to what the public has to say and we are determined to strengthen what has been presented for the benefit of all.”

The Chief Executive Officer for the Malta Digital Innovation Authority Stephen McCarthy said that the guidelines will set out the proposed way of working and benchmarks for Systems Auditors, Technical Administrators, Resident Agents and for the certification of Innovate Technology Arrangements. “Undoubtedly, the introduction of these guidelines will be another milestone in establishing Malta as the blockchain island”, said McCarthy.

Throughout this extensive consultation process, the Malta Digital Innovation Authority will be seeking feedback on each chapter. The documents can be accessed at www.mdia.gov.mt.