Blockchain Solutions Portfolio

2018 has very much been the dawn of Malta’s commitment to establish itself as the so-dubbed “blockchain island”, as Government pledged its promise to make Malta the first jurisdiction globally to implement a regulatory framework to support this technology and nurture this nascent and promising crypto-economy.

Malta has already positioned itself as a European digital leader and in 2017 succeeded in registering the highest economic growth of all EU member states at double the recorded average growth rate of 2.4% with a real GDP growth of 6.6%.

The current blockchain revolution occurring in Malta has led some to draw parallels with the island’s i-gaming success story, which started with humble beginnings and the introduction of the European gaming license back in 2004 and which presently accounts for upwards of 11% of the country’s GDP.

In addition to drawing parallels of the next anticipated pillar of Maltese economy, i-gaming also represents a complementary terrain that is eager to evolve and embrace blockchain technology in the process as the new generation of doing business.

Over a decade ago PKF Malta were are at the forefront of honing an industry for i-gaming and succeeded in attracting the first international players to apply for a gaming license, at a time where the industry was largely shrouded in criticism and suspicion.

In the same way we now strongly believe in the qualitative value added that the Maltese the blockchain industry will undoubtedly bring to the Maltese economy.

We offer our professional services to both major and small operators including start-ups. Using our international network we can assist you to interact with other operators to increase your market potential.

On the 22nd May 2018 Bills 43, 44 and 45 of 2018 were published;

  1. The Innovative Technology Arrangements and Services Act;
  2. The Virtual Financial Assets Act and
  3. The Malta Digital Innovation Authority Act.

The Innovative Technology Arrangements and Services Act Bill provides the framework for the registration of Auditors and Administrators of DLT Platforms and the certification of Innovative Technological Arrangements.

The Virtual Financial Assets Act Bill provides the framework for the regulation of the field of Initial Virtual Financial Asset Offerings and Virtual Financial Assets and to make provision for matters ancillary or incidental thereto or connected therewith, covering licensing application and white paper requirements.

The Malta Digital Innovation Authority (MDIA) Act Bill provides for the establishment of an Authority that will be tasked with the following objectives: i) promoting Malta as a choice jurisdiction ii) encouraging the penetration of digital ledger technology across multiple sectors, iii) providing awareness of the ethical and legitimate issues concerning, particularly, the use of digital ledger technology iv) ensuring consumer and data protection, legal certainty, transparency and auditability.

Importantly, the MDIA has the powers to decide whether it should certify or not a Technology Arrangement and similarly whether to register a Technology Service Provider.

 At PKF Malta we are primed to provide advice that goes beyond simple conventional licensing requirements and pride ourselves in providing a one-stop-shop offering the following professional assistance in relation to services centered around virtual financial assets:

  • Setting introductory meetings with the licensing regulator, the Malta Financial Services Authority
  • Carrying out of Due Diligence
  • Introduction to Government Officials on a case by case basis
  • Company Formation
  • Office Space Allocation
  • Call Centre Services
  • Introduction to local Banks and assistance with the opening of Bank Accounts with crypto-friendly local banks
  • Payroll & Accounting
  • Commissioning of Financial Audit Services
  • Commissioning of Co-Location and 24/7 hosting service
  • VAT & Tax Advice
  • IT Testing & Payment Gateway Services

Should you wish us to provide you with our Services, please contact us for further details. All the services can be tailored to meet your requirements. Take a look at our extensive Doing Business in Malta Brochure. Our team can be contacted by email or via telephone on +356 21484373.