Technology & Service Providers
Regulating the Technology
The Malta Digital Innovation Authority (“Authority”) will be regulating and certifying the innovative technology arrangements, including the:
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software & architectures used in designing and delivering DLT; and
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smart contracts and related applications.
The certification will state the details of how the innovative technology arrangements are identified (including any public key or a brand name). Such certification will only be issued after the MDIA is satisfied that the:
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legal administrators and shareholders with 25% or more ownership or control are fit & proper persons;
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software has been reviewed by independent registered systems auditor/s who will provide the necessary positive assurances;
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technology has a registered technical administrator in office at all times;
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technology is in a position to comply with:
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the authorisation rules and regulations and any further conditions;
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applicable laws such as AML, financing of terrorism & data protection;
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in-built technology features allowing the technical administrator for transparent and effective interventions in cases of material loss to any user or breach of law.
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English is the official language used in the offer (other secondary languages allowed).
Regulating the Service Providers
System Auditors and Technical Administrators are required to satisfy the Malta FSA that they:
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are fit and proper;
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have the necessary qualifications and/or experience; and
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have sufficient technical resources or third party support.
Once satisfied, the Authority will issue a certificate of registration which the service providers need to be display on any of their website and in any ITA in which they are providing their service.
Type of License
Applicants for crypto services must appoint a registered VFA Agent who will be performing the fit and proper assessment of the applicant. Once satisfied, the VFA Agent will endorse the application for licensing by the Malta Financial Services Authority. The following are the 4 type of license categories:
