Fineqia International Inc. has now made the announcement of setting up a subsidiary company of itself in Malta, through the help of which the company will be able to own its shareholdings and investments in the country.
Fineqia Investments Ltd. had set up base in Malta so that company could more fluidly manage its increasing roster of blockchain and crypto-based firms and establishments all over the world. These firms include the UK-based Nivaura Ltd., the Malta-based company IXL PremFina Ltd., and Estonian firm Black Insurance, among others. The investments are meant to supplement the firm’s main business of putting in place securities.
Malta is a tiny European island country that is just along the borders of Italy. The country was selected for the advanced framework set by its regulatory authorities, that allows and monitors blockchain and crypto-based firms and companies. Another benefit Malta receives is from its membership in the European Union. The financial directives of the EU requires it to provide help for all regulated business activities in all of its 28 member nations.
“Malta ticks a lot of boxes as a pioneering crypto-friendly regime,” explained Bundeep Singh Rangar, CEO of Fineqia. “Choosing a jurisdiction where the legal and regulatory framework is in sync with emerging technologies and new financial instruments is as important as selecting sound investment opportunities in the first place.”
The authorities in Malta had passed 3 laws earlier this year, that essentially herald a few enormous changes to the legal system in place in the country that monitors crypto-based businesses. The Malta Digital Innovation Authority, put in place by the Malta Digital Innovation Act, looks into governmental regulations and certifies DLT platforms in terms of credibility and security for the help of users.
The Innovative Technology Arrangement and Services Act was put in place to look into DLT services and provide the requisite certifications to the platforms providing these services. It works to regulate and monitor the establishment of new exchanges and several other crypto-based service providers such as ID verification services and e-wallet providers.