Wed Oct 24 BST (about 3 years ago)
In your timezone (EST): Wed Oct 24 12:00am - Wed Oct 24 12:00am
Lower Ground, Tower Training Centre
Triq it-Torri, Swatar, Malta
Fintech is no new phenomenon; however, new technologies are often plagued with regulatory uncertainty. Malta embarked on a path to be a pioneer in providing regulatory clarity in the application of distributed ledger technologies (DLT) such as blockchain, the technology behind cryptocurrencies such as Bitcoin and Ether.
The session will start by introducing the audience to blockchain technology and its impact on trust, transparency and traceability, essential aspects for professional enablers of such services, including accountants, auditors, lawyers and service providers, giving an overview of the technology and its applications.
This will be followed by an overview of the approach taken by the Maltese government to legislate upon and regulate the use of DLT within the financial space, and regulatory strategies adopted by other jurisdictions seeking to control, shape, or influence the application of DLT. The Malta Virtual Financial Assets Act, the financial instrument test and the role of the MFSA vis-à-vis the regulation and supervision of crypto assets will be discussed, reviewing and examining the ancillary services that can be provided to such an industry.
The last part of the session will focus on matters relating to taxation of virtual financial assets in light of European Union direct and indirect tax principles, taking into consideration approaches by third countries, ancillary jurisprudence, as well as anti-money laundering considerations applicable to issuers and service providers.
• Building trust with blockchain
• Blockchain applications and the emergence of cryptocurrencies
• Tokenisation: an analytical comparison of crowdfunding initiatives to virtual tokens issued in fundraising transactions (initial coin offerings [ICOs] or token generation events [TGEs])
• Categorisation of digital currencies
• The new blockchain and cryptocurrencies regulatory framework in Malta
• The role of VFA agents
• VFA issuers
• VFA service providers
• Taxation of virtual financial assets
• Volatility in calculating the tax base reference rate for virtual financial assets
• Anti-money laundering considerations
President of the Malta Institute of Financial Services Practitioners, Partner of Grant Thornton