https://www.um.edu.mt/library/oar/handle/123456789/52668 2026-04-23T22:41:58Z 2026-04-23T22:41:58Z https://www.um.edu.mt/library/oar/handle/123456789/53243 2020-04-21T11:31:18Z 2019-01-01T00:00:00Z

Title: The regulation of virtual financial assets as a means of payment under Maltese law Abstract: Various books focusing on DLT and the regulation thereof were consulted to understand the technology and the challenges it poses towards regulators. This was supported by reference to official reports and working documents of a number of supranational organisations including European Union bodies and the Financial Action Task Force. Finally, open source articles and sources were also consulted to help fill certain gaps in information. An analysis of a number of legislative acts, as well as proposed acts was conducted to ensure that a meaningful critique of the Maltese legislator’s regulatory framework could be undertaken. Finally, a high level proposal was put forward suggesting ways to extend the reach of regulation to capture Virtual Financial Assets intended to be used as a means of payment. Description: M.A.FIN.SERVICES

2019-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/53236 2020-04-21T11:28:25Z 2019-01-01T00:00:00Z

Title: Anti-money laundering and data protection : a symbiotic relationship Abstract: The rationale of this thesis is to analyse the symbiotic relationship between the antimoney laundering (AML) and the data protection regimes, particularly within the respective regulatory frameworks. Accordingly, the author seeks to assess how the interrelationship between the AML and the data protection regimes may be approached, as well as consider the manner in which the overlapping requirements enshrined in the AML and data protection laws are to be addressed. The author primarily reviews the way in which the AML and data protection laws are continuously evolving. The discussion then evolves in analysing the correlation between the AML and the data protection regimes, as well as the various AML implications on the protection of personal data. Following the analysis of the intrinsic relationship between the two regimes, this thesis looks at how technological innovation has led to new types of virtual currencies and distributed ledger technology (DLT) systems and delves into the possible risks and challenges they pose for regulatory compliance and supervision vis-à-vis the AML and data protection regulatory frameworks. The research study then goes to assess the effectiveness of the regulatory approach in balancing the opportunities and concerns presented by the emergence of these developments. Based on the aforementioned findings, this thesis ultimately highlights the need to strike a proper balance between the AML and data protection regimes and thereby provides the author’s recommendations and concluding remarks for the best way forward. Description: M.A.FIN.SERVICES

2019-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/53220 2020-04-21T11:26:16Z 2019-01-01T00:00:00Z

Title: The use of distributed ledger technology and smart contracts in the financial services industry : legal implications and possible applications Abstract: Smart contracts and decentralised or distributed ledger technology have gained significant popularity in recent years, particularly within the financial services industry. The use of such technology offers advantages which are unmatched by other types of technology or traditional means of contracting, facilitating cross-border transactions and enabling a global market. This dissertation delves into a theoretical analysis of the meaning of a ‘smart contract’ and ‘decentralised’ or ‘distributed ledger technology’ in light of the definitions introduced into the Maltese legal framework, whilst undertaking a comparative analysis on definitions used by legislators in other jurisdictions. The Electronic Commerce Act is considered in detail in order to establish the link, if any, with smart contracts. Two particular applications of DLT and smart contracts from the financial services industry are analysed in detail and any legislation or rules regulating the said industry, which are considered to be legal barriers for the use of the said technology, are considered at length. This research concludes that there are various legal implications to be addressed before enabling the use of DLT and smart contracts by the industry at large without any restrictions. The major challenge identified relates to the self-enforcement function of a smart contract and the need for external intervention in case of errors or legal invalidity. An attempt is made to identify a solution to this major challenge. Description: M.A.FIN.SERVICES

2019-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/53215 2020-04-21T11:23:10Z 2019-01-01T00:00:00Z

Title: The classification of DLT Assets under Maltese law Abstract: Cryptocurrencies and ICOs are unregulated in the majority of jurisdictions and, as such, fall outside the scope of many statue books around the world, causing investors bearing the risks of losses and forfeiting investor protection afforded under applicable laws and regulations. As a consequence of speculative investments, day-trading and pump and dump schemes, the ESAs and other national competent authorities have issued advice to market players on crypto-assets and ICOs, and sought to regulate any activities relating thereto. Malta was the first jurisdiction which enacted laws regulating DLT Assets, a term which encompasses not only cryptocurrencies, but also any digital means of recordation which is dependent on, or utilises distributed ledger technology. The Maltese regulatory framework comprises a test which is required to classify DLT Assets into four subcategories; virtual tokens, financial instruments, electronic money and virtual financial assets. The scope behind this thesis is to, first and foremost, give a brief overview on cryptocurrencies and virtual tokens in order to determine which type of crypto-assets may or may not fall within the scope of financial regulation. This thesis will also analyse the various recommendations issued by national and supranational competent authorities and assess whether their approach in classifying and regulating such cryptoassets ultimately converge. Finally, this thesis will analyse, in depth, the approach taken by the Maltese regulator in classifying DLT Assets from a practical perspective, while making a series of recommendations on how the classification of DLT Assets can be improved. Description: M.A.FIN.SERVICES

2019-01-01T00:00:00Z