Malta’s new cryptocurrency regulatory framework has not taken effect just yet.

Three bills regarding cryptocurrencies, blockchain and distributed ledger technology, passed by Maltese Members of Parliament in June, set out a number of ambitious changes to the country’s legal landscape overseeing cryptocurrency-related businesses. However, the Malta Financial Services Authority said Friday that one of these laws is “not yet in force.”

The government is currently developing the “Virtual Financial Assets Framework,” which will complement “The Virtual Financial Assets Act,” according to the announcement.

Until such a time as this framework is complete, the MFSA is not yet in a position “to start receiving request for approvals and authorizations under the Act.”

Nor is it clear when the framework will take effect. The announcement notes that the bill will not take effect until “such date as the Minister for Digital Economy may establish by notice in the Government Gazette.”

That being said, Malta, dubbed the “Blockchain Island,” has been hailed as one of the world’s most friendliest jurisdictions for cryptocurrencies attracting major crypto businesses such as Binance and OKEx.

In fact, it was reported this month that Binance, a major cryptocurrency exchange, would partner in efforts to launch the first Malta-based “decentralized and community-owned bank” dubbed the Founders Bank.

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