Malta proposes test to determine DLT classification

Malta is seeking feedback on a test that would determine how a distributed ledger technology (DLT) asset should be classified.

The Malta Financial Services Authority (MFSA) has released a consultation paper on the potential introduction of a Financial Instrument Test that would define virtual tokens.

The test aims to determine whether a distributed ledger technology (DLT) asset falls: (i) under EU law and the corresponding national legislation; (ii) Malta's proposed Virtual Financial Assets Act; or (iii) is otherwise exempt.

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