PR Newswire – Aug 15, 2018, 9:30 ET
LONDON, Aug. 15, 2018 /PRNewswire/ – Fineqia International Inc. (the “Company” or “Fineqia”) (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) is pleased to announce the set-up of a subsidiary company in Malta via which it will own its investment shareholdings.
Fineqia Investments Limited has been established in Malta to hold the Company’s growing portfolio of blockchain, fintech and cryptocurrency technology companies worldwide such as Estonian company Black Insurance, Malta-based IXL PremFina Ltd and the UK’s Nivaura Ltd. The investments are adjunct to the Company’s core business of placing debt and equity securities.
Malta, a European island country located close to Italy, was selected for its advanced regulatory framework that qualifies and regulates blockchain and cryptocurrency companies. Malta also benefits from its membership in the European Union (EU), whereby EU financial directives facilitate regulated business activities across its 28-member states.
“Malta ticks a lot of boxes as a pioneering crypto-friendly regime,” said CEO Bundeep Singh Rangar. “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.”
Malta, which uses English as one of its official languages, passed three laws this summer that signal ambitious changes to the country’s legal system overseeing cryptocurrency-related businesses. The Malta Digital Innovation Authority Act (MDIA Act) established the Malta Digital Innovation Authority, which focuses on governance arrangements and certifies Distributed Ledged Technology (DLT) platforms for credibility and legal certainty to users.
The Innovative Technology Arrangement and Services Act (ITAS Act) deals with DLT arrangements and certifications of DLT platforms. It addresses the setting up of exchanges and other cryptocurrency related businesses such as identity verification services and electronic wallet providers. The Virtual Financial Assets Act (VFA Act) establishes the regulatory regime governing such companies as well as Initial Coin Offerings.
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