The authorities of Malta intend to exclude NFT from the regulation of crypto assets – Bits Media

Financial service department of Malta (MFSA) will exclude NFT from the regulation of virtual financial assets in preparation for the bill on the regulation of cryptocurrencies in the European Union (MiCA).

In accordance with the operation manual for digital financial assets (VFA) from 2018 years, the creators of non -replaceable tokens are required to draw up technical documentation according to them. These rules were created in conjunction with the Office of the Digital Development of Malta (Media) to regulate the activities of emitters of crypto assets and the transformation of the island into a center for technological innovation.

Recently MFSA published a document, where it announced, that Mica may not apply to unique tokens, And this eliminates the need to register issuers when issuing or providing services, related to NFT. MFSA suggested, that collectible tokens, Due to their inconsistency, It is difficult to use for investment purposes or for payments. Therefore, the inclusion of NFT in the VFA structure may contradict the standards, which were originally developed to regulate services, related to investment.

The Malta government has not yet made the final decision to exclude NFT from VFA, Therefore, the financial service department is ready to accept the proposals of interested parties before 6 january 2023 of the year.

Many industry participants consider, that the Mica bill will simplify the work of cryptocurrency companies on the territory of the European Union, since a single, and not fragmented regime of crypto assets regulation.