Malta Releases Fresh Consultation Paper for Security Token Offerings

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The Malta Financial Services Authority (MFSA) released a new consultation paper published July 19, 2019. first of many crucial steps to adjust the capital market according to their Vision 2021.

Why now?

The timing of this new consulting paper couldn’t have come at a better time with the recent announcement of EFFORCE, a new blockchain firm established by Apple Co-Founder Steve Wozniak, which was made known to the world at the prelaunch of Malta’s DELTA Summit.

Malta has famously become a safe haven for blockchain and Wozniak has even said that the government’s warm embrace of the technology was the primary reason why he selected Malta as EFFORCE’s base of operations.

This safe environment has become a beacon for the likes of Wozniak but also many blockchain/crypto firms seeking greener pastures to launch initial coin offerings (ICOs), which appears to be now extending to security token offerings (STOs).

The six-section paper is seeking feedback from stakeholders in the industry from now until August 30th of this year, with the paper covering different topics of the entire STO lifecycle, from listing all the way to post-trade settlement.

Filling the (legal) Gaps

The more disruptive an industry, the faster time seems to fly. Weeks in an established industry are mere days or hours in crypto. The industry is constantly evolving, so the framework must be in order to maintain investor protection and market integrity.

The consultation paper released July 19th will bring in several changes for not only existing financial assets but the exploding number of STO’s popping up seemingly overnight.

The full MSFA consultation paper can be read here, and feedback can be sent to [email protected]

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