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No doubt that blockchain technology presents many opportunities that will keep transforming the financial space. The disruptive technology is exponentially opening up international markets the same way the internet transformed access to information. For those that recognize what blockchain technology has to offer, its potential has no barriers, both for entrepreneurs and consumers who will be able to gain access to any service or assets they need where they are and when they need them.

The Financial Intelligence Analysis Unit (FIAU) has published a document for consultation which covers the application of Anti-Money Laundering and Countering the Funding of Terrorism (AML/CFT) obligations by the Virtual Financial Assets (VFA) sector. The guidance notes will apply to VFA agents, VFA issuers and VFA licence holders.

Monday 22 October 2018 marks the presentation of the 2019 budget of this government aimed at stimulating economic growth, reducing government debt and delivering a budget surplus year on year.

The MFSA has published further material with regards to the Virtual Financial Assets Regulations. The rules place heavy emphasis on the level of competence that prospective VFA Agents are required to have, both in terms of the traditional financial services framework as well as the regulatory framework developed under the Virtual Financial Assets Act.

Cryptocurrency is digital or ‘virtual’ money, which uses cryptography to secure its transactions, to control the creation of additional currency units, and to verify the transfer of assets. Cryptography itself describes the process by which codes are written or generated to allow information to be kept secret.

Despite Malta’s size and limited resources, Malta has been determined to be at the forefront of the blockchain technology, providing a regulated and tech-friendly framework for the blockchain and fintech industry. This has ensured a constant and ever-growing interest by international businesses and start-ups who are looking at investing in this sector, including the likes of Binance, OKex, Tron and BigOne.

The first of their kind in the world, three bills have come into force in Malta governing cryptocurrencies, blockchain and distributed ledger technology (DLT). The bills include the Malta Digital Innovation Authority Act which will bring about the establishment of the Malta Digital Innovation Authority as a driving regulator of the industry, as well as the Innovative Technological Arrangement and Services Act and the Virtual Financial Asset Act.

The Malta Financial Services Authority (MFSA) has released a Consultation Paper on the proposed introduction of a Financial instrument Test relating to its ongoing cryptocurrency regulation. The new consultation paper describes the introduction of a 'Financial Instrument Test' that would legally define virtual tokens.

The question is no longer whether blockchain will disrupt the tax system, but how far, how fast and how to ensure your business is up to speed. Putting the hype aside, what does blockchain really mean for tax compliance and management within your business? What are the main risks and opportunities? How can you begin preparing for the shake-up ahead?

When it comes to the way companies handle and protect data, things are soon going to change thanks to a new set of rules that are stepping into force as of May 2018. Better known as the General Data Protection Regulation (GDPR) –the new legal framework is meant to harmonise data protection standards across the 28 EU member states and is expected to ultimately reduce compliance costs, complexity, risks and uncertainty and ensure that people’s data is adequately protected.

Blockchain based technology has experienced impressive growth over the past five years. It went from being ignored or unheard of, to becoming a buzz phrase in the innovation and technological world. But it is not only the financial world that can benefit. With its relatively low cost of maintenance, increased transparency, lessened administrative burden and resilience to fraud, Blockchain technology applications are endless and far more radical and diverse, ranging from healthcare to the fashion industry, from solar energy to management of intellectual property rights.

On 25 may 2018 the European Union's new data protection law comes into effect, it will govern all businesses operating within the union and embed a more consistent approach to data protection.

Blockchain.com CEO and founder Peter Smith has recently stated that within 24 months we will see the emergence of a government-backed digital currency.

Exploiting the full potential of Blockchain requires a solid technology infrastructure, along with the necessary skills to set it up, maintain and operate it.