Legal Overview In Fintech Malta-Mexico - Technology - Mondaq Mexico - Mondaq Business Briefing - Books and Journals - VLEX 816450009

Legal Overview In Fintech Malta-Mexico

Author:Mr Fernando Erana and Carlos Ugalde
Profession:Solcargo
 
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Malta is the first country member of the European Union, and one of the first countries at a worldwide level to issue a legal framework fully focused on blockchain, which is a digital system for recording the transaction of assets and their details in multiple places at the same time, cryptocurrencies, ICO's and related service providers. This has led Malta to be known as "The Blockchain Island".

Past July 2018, several law drafts were approved by the Government of Malta, being effective as of November 1st and consisting of the "Malta Digital Innovation Act", "Innovative Technology Arrangements and Services Act", and the "Virtual Financial Assets Act" (VFAA).

The Malta Digital Innovation Act envisages the creation of the Digital Innovation Authority of Malta (MDIA), which will be responsible of everything related to technological innovation and its use, as well as the promotion and development of blockchain. Likewise, the Innovative Technology Arrangements and Services Act provide the regulations required by MDIA for companies to operate with cryptocurrencies. Finally VFAA will regulate the initial coin offerings (ICO's), by providing the rules to ensure compliance with financial regulations, and provide protection and security to investors and other participants.

On the other hand, Mexico is one of the first countries in Latin America and in the world to issue a legal framework to regulate Fintech, by approving past September 2018, the Law to Regulate Financial Technology Institutions ("Fintech Law"), with the purpose of promoting financial inclusion, competition and consumer protection, as well as financial stability; unlike Malta, whose main purpose is to provide legal framework for the use of blockchain technology, trade with...

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