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Alternative Market Briefing

Malta regulator extends consultation period on proposed regulation of virtual currencies funds

Monday, November 13, 2017

Matthias Knab, Opalesque:

Further to the Consultation Document issued by Malta' Financial Services Authority (MFSA) on the 23rd October 2017, regarding the proposed regulation of Collective Investment Schemes investing in Virtual Currencies, the Authority advises that the period of consultation has been extended to Friday, 17th November 2017.

The MFSA says it is developing a rulebook to regulate Professional Investor Funds ("PIFs") which have the investment in virtual currencies as their investment objective. The MFSA is presently considering whether Alternative Investment Funds and Notified Alternative Investment Funds should also be allowed to invest in virtual currencies.

In view of the risk associated with the investment model of collective investment schemes investing in virtual currencies, it has been decided that, for the time being, the legal structures for PIFs making such investments should be limited to SICAV and INVCO structures, which are required to have a board of directors responsible for the overall conduct of business of the collective investment scheme.

The rulebook published for consultation builds on the existing rules applicable to PIFs and adds further rules, which specifically aim to mitigate the potential risks of investing in virtual currencies. The main proposals introduced within this ne......................

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