Cryptocurrency regulation in Malta
In 2018, the Prime Minister called cryptocurrencies and blockchain an integral part of the digital future and said that he sees Malta as a blockchain island.
In the same year, the authorities delimit tokens into different categories and introduce AML/CFT.
August 5, 2020 Malta becomes the first country in Europe to regulate cryptocurrency: 3 laws are signed at once, introducing this asset into the legal field.
Who and what regulates digital money
The Central Bank of Malta is the main supervisory authority that determines the legal status of all financial instruments in the state, regulates and supervises operations.
The Malta Digital Innovation Authority is a government organization that is responsible for cooperation with other countries in the field of blockchain, the development of crypto policy and the ethical side of the implementation of this innovation.
About virtual financial assets (FVA, The Virtual Financial Assets Act) - establishes the procedure for ICO.
About work in the field of digital innovations (MDIA, The Malta Digital Innovation Authority Act) - regulation of services that create a blockchain ecosystem.
On Innovative Technologies and Services (ITAS).
Transactions and storage of crypto are not subject to any tax.
Mining is not subject to any tax.
Trading is taxed at 35%, but it can be reduced to a rate of 0%-5%, depending on the place of residence and other preferential factors. For companies, the tax is 9%.
To register a crypto firm, it is necessary to comply with AML / CFT regulations, contribute authorized capital and comply with the internal legislation of the state.
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