Malta proposes cybersecurity legislation for crypto

Known as “The Blockchain Island,” Malta takes cybersecurity seriously. After releasing a clear regulatory framework for the blockchain and crypto industry, next step for the Maltese authorities is to ensure there’s an open and fair playing field for everyone in the industry.

The document titled “Guidance Notes on Cybersecurity” was released on February 8. According to The Malta Financial Services Authority (MFSA), financial regulator responsible for the legislation, a number of global laws were taken into account, including the European Banking Authority (EBA) requirements.

The proposed legislation includes the list of worldwide cybersecurity policies, including Cryptocurrency Security Standard, introduced in 2014 and focused on the secure management of cryptocurrencies and digital assets. The proposed legislation / guidance notes covers all professional funds working with digital currencies, as well as issuers, agents and service providers – in other words, everyone involved.

According to Maltese authorities, the reason why they came up with the proposed legislation right now is the increased number of cyber attacks, which have been only getting more advanced over the years.

The proposed document is currently in the “feedback stage” and MFSA invites everyone to share their opinion. A consultation “window” will be open to the public before March 8, 2019. The final version of the legislation will be based on a combination of the original document and the feedback MFSA received from the industry community.