Malta’s Financial Services Authority is looking to remove service providers for NFTs from its 2018 Virtual Financial Assets (VFAs) law.
Malta was one of the first countries to initiate its own crypto registration regime, with its current law including most NFTs.
Under the 2018 VFAs act, the law requires service providers to be fully authorized and to publish their white papers of investor information before any digital tokens are issued.
Furthermore, removing such a law is in line with Malta’s preparations for the EU’s Markets in Crypto Assets Regulation (MiCA) which is set to commence in the country in 2024.
“The authority considers that it would be prudent that certain VFAs, which display clear characteristics of uniqueness and non-fungibility, also be excluded from the VFA framework”, said the regulator in a consultation paper.
Any interested parties can provide feedback on a proposed rule change during a period of consultation.
As it stands, the consultation period for this amendment or removal is set to end on January 6, 2023.