The regulatory body of Malta, the Financial Services Authority (MFSA) has issued a cybersecurity consultation associated with blockchain technology according to the agency’s tweets about which we are reading in our crypto news today.
The consultation document named ‘’Guidance Notes on Cybersecurity’’ the regulatory body suggests that the cybersecurity system of the agency should be in compliance with the international standards including the European Banking Authority guidelines.
The notes are based on recognized cybersecurity policies such as the 2014 CryptoCurrency Security Standard that guides the secure management of crypto. The guidance notes are also targeting the funds that are invested in virtual currencies but also issues and agents and service providers as well.
The rise of cybersecurity initiatives has possibly caused for more sophisticated cyber attacks to show up and the MFSA outlines some of the most important steps to be taken in order for the industry to use the necessary policies in terms of customer protection and risk management.
Before proceeding with the adoption of the guidance notes, the MFSA is looking for feedback from the community and the consultation period will be opened to the public until March 8.
Malta is one of the countries with the most supportive stance towards blockchain and cryptocurrency and it is deemed as the ‘’blockchain island’’ because of its friendly policies. However, the International Monetary Fund claims that the increasing blockchain businesses in Malta have caused multiple risks of money laundering and terrorism funding.
The Maltese politician and member of the European Parliament Roberta Metsola claimed that the blockchain technology and its decentralized nature provide more security and are ‘’essentially about increasing trust.’’
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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