Cryptocurrency Regulation in Malta

Crypto Regulation in MaltaMalta, a self-declared blockchain island, is one of the few European Union (EU) jurisdictions to have an explicit regulatory framework for crypto assets and services as several years ago the Maltese government made the decision to formally recognize and regulate cryptocurrency-related businesses for the sake of the development of the innovative technology sector in Malta.

Just like other financial service providers in Malta, cryptocurrency businesses are supervised by the Malta Financial Services Authority (MFSA) who’s responsible for protecting the integrity of the financial services industry and for maintaining stability within the financial sector for the benefit and protection of consumers.

The Malta Digital Innovation Authority Act

The Maltese government aims to accelerate the development of Malta as a centre of excellence for activities related to innovative technologies by enforcing the Malta Digital Innovation Authority Act (the MDIA Act) of the 15th of July 2018. It defines the establishment of the Malta Digital Innovation Authority (MDIA) who supports the development of technological innovation in Malta by being in charge of communication between appropriate national authorities and by enforcing regulation upon digital innovators.

The main objectives and principles of the MDIA are:

  • Promoting governmental policies that favour the deployment of innovative technology arrangements
  • Facilitating the advancement and utilisation of innovative technologies
  • Protecting the reputation of Malta in the use of innovative technologies
  • Harmonising national regulations with the international standards and laws
  • Partnering with other regulatory authorities for AML/CFT, data protection and fair competition
  • Promoting transparency and auditability in the use of innovative technologies

Malta cryptocurrency regulation

The Innovative Technology Arrangements and Services Act

By passing the Innovative Technology Arrangements and Services Act (the ITAS Act) on the 1st of November 2018, the Maltese government strengthened its focus on the standardisation of the regulation of the swiftly evolving new technologies. The ITAS Act is enforced by the MDIA.

The ITAS Act sets out such rules as:

  • Principles for the registration of innovative technology service providers
  • Guiding principles for the behaviour of innovative technology service providers (integrity, transparency and knowledge)
  • Appointment and functions of a resident agent in case of applicants not being residents of Malta

The ITAS Act determines innovative technology arrangements as software and architectures which are used in designing and delivering DLT which ordinarily but not necessarily:

  • Uses a distributed, decentralised, shared and/or replicated ledger
  • May be public, private or hybrid
  • Is permissioned, permissionless or hybrid
  • Is secure to a high level against retrospective tampering, such that the history of transactions can’t be replaced
  • Is protected with cryptolicence
  • Is auditable

The ITAS Act defines innovative technology services as:

  • The review or audit services referred to in this Act with reference to innovative technology arrangements provided by system auditors
  • The technical administration services referred to in this Act with reference to innovative technology arrangements provided by technical administrators

The Prevention of Money Laundering Act

AML/CFT principles are established in the Prevention of Money Laundering Act of the 23rd of September 1994 and in the Prevention of Money Laundering and Funding of Terrorism Regulations of the 1st of January 2018 and are enforced by the Financial Intelligence Analysis Unit (FIAU) which is functioning as a regulator of the relevant innovative technology services. Additionally, the FIAU possesses Implementing Procedures that are also legally binding.

In order to monitor compliance with the relevant AML/CFT legislation, the FIAU is authorised to collect, process, analyse and disseminate data supplied by the the regulated businesses.

The Virtual Financial Assets Act

The foundation of the Maltese cryptocurrency regulatory framework is the Virtual Financial Assets Act (the VFA Act) of the 1st of November 2018 which covers the classification of Distributed Ledger Technology (DLT) assets, Virtual Financial Assets (VFAs), and sets out rules for companies providing DLT products or services, including cryptocurrency licensing.

According to the VFA Act, DLT assets mean virtual tokens, VFAs, e-money and financial instruments that are intrinsically dependent on or utilise DLT.

A VFA is defined as any form of digital medium recordation that’s used as a digital medium of exchange unit of account, or store of value and that isn’t a virtual token, e-money or a financial instrument.

The VFA regulatory framework distinguishes 3 types of authorisations – registration of VFA agents, registration of whitepapers and applications of VFA service providers.

VFA Agents

When a VFA issuer is intending either to register a whitepaper or to apply for a VFA service provider licence, it’s required to appoint a VFA agent who shall advise the company on its obligations, ensure compliance with all the applicable requirements as prescribed in the VFA Act as well as receive and retain all documentation. A list of registered VFA agents is available on the MFSA’s Financial Services Register.

A VFA agent is authorised to practice the profession of: a) advocate, accountant or auditor, b) a firm of advocates, accountants or auditors or corporate services providers, c) a legal organisation which is entirely owned and controlled by persons referred to in paragraphs (a) or (b) whether in Malta or in another recognised jurisdiction. It can also be any other class of persons holding authorisations, qualifications and/or experience considered by the MFSA as possessing the expertise to exercise the prescribed functions.

Whitepaper

Anyone intending to issue a VFA to the public in or from within Malta is required to draw up a whitepaper which complies with the requirements prescribed in the VFA Act and register it with the MFSA. An authorised whitepaper is valid for 6 months.

Every Whitepaper shall be drawn up in English, dated, state required information and include a statement by the board of administration confirming that the whitepaper complies with the requirements of the VFA Act.

The appointed VFA agent shall fill out a whitepaper registration form and confirm to the MFSA that the whitepaper complies with the VFA Act and shall state any assumptions it has made and any reservations it may have on any matter relating to the whitepaper for the consideration of the MFSA.

The registration form is divided in two stages that must be completed by a VFA agent. After the submission of Stage One, the MFSA undergoes a preliminary review of the submitted documentation. Once the review is completed, an applicant will be given permission to proceed to Stage Two of the registration process.

Stage One consists of the following parts:

  • VFA agent and applicant’s details (the applicant can be still in formation at the time of applying)
  • VFA details and whitepaper details
  • Fees and declaration

Stage Two consists of the following parts:

  • Organisational structure
  • Beneficial owners and qualifying unitholders
  • Internal governance
  • Functionaries

All the parts should be supported by documents proving the supplied information. If it’s not sufficient, the MFSA may decide to request the applicant to provide any further information and/or documentation through its VFA agent.

VFA Service Providers

VFA service providers are Malta-based businesses providing VFA-related services determined in the VFA Act. They are obligated to adhere to the following principles:

  • Conduct business with honesty and integrity
  • Communicate with their investors in a fair and not misleading manner
  • Conduct their business with due skill, care and diligence
  • Be able to identify and manage conflicts of interest that may arise
  • Have effective arrangements in place for the protection of investors’ funds
  • Maintain all of their systems and security access protocols to appropriate international standards
  • Be considered as subject persons willingly cooperating with the MFSA and other relevant authorities

VFA Service Provider Licence

Businesses intending to supply VFA services are required to apply for a license through a registered VFA agent by submitting an online VFA service provider application form.

Types of cryptocurrency licences:

  • Class 1 (required authorised capital – 50,000 EUR or 25,000 EUR with PII) – financial advisors, entitled to receive and transfer VFA-related orders and offer investment advice
  • Class 2 (required authorised capital – 125,000 EUR) – provision of crypto wallets, peer to peer exchange, management of investment portfolios
  • Class 3 (required authorised capital – 730,000 EUR) – over-the-counter traders and transactions, market makers, except for VFA exchange
  • Class 4 (required authorised capital – 730,000 EUR) – the most extensive license permitting VFA operations related to the control of the customer money as well as cryptocurrency exchange of any type

Registration fees:

  • Class 1 – 3,000 EUR
  • Class 2 – 5,000 EUR
  • Class 3 – 7,000 EUR
  • Class 4 – 12,000 EUR

Annual supervision fees:

  • Class 1 – from 2,750 EUR
  • Class 2 – from 4,500 EUR
  • Class 3 – from 6,000 EUR
  • Class 4 – from 25,000 EUR

Requirements for the Applicants

First of all, an applicant has to either incorporate a company or come from a recognised jurisdiction and open a branch in Malta with the sole purpose of operating as a licensee whose actual activities are compatible with the description of authorised VFA services.

The company’s operational structure should ensure internal monitoring procedures for compliance with the relevant legislation (AML/CFT, safeguarding client assets, cybersecurity, data protection, etc.).

A financial instrument test must be undergone by all applicants through a selected VFA agent to determine if the nature of an applicant’s business falls under the jurisdiction of the VFA Act. The test consists of three categories – virtual tokens, financial instruments and e-money. If an applicant’s business isn’t related to any of these three categories, it will by default fall under the category of VFAs.

Applicants are obligated to take the fitness and properness assessment and meet the criteria of integrity, competence and solvency. Furthermore, these core requirements must be constantly met after the commencement of the business. The assessment must be taken by:

  • A person that has a qualifying holding in the applicant
  • A beneficial owner
  • A member of the board of administration
  • A senior manager
  • MLRO
  • A compliance officer
  • A risk manager
  • Any other person who will manage the VFA business of the applicant

Application Process

Businesses wishing to either register their whitepaper or apply as a VFA services provider have to submit an application through a registered VFA agent. A list of registered VFA agents is available on the MFSA’s Financial Services Register. Depending if the MFSA requires additional documentation, the application process may take 3-6 months.

Steps to take prior to the submission of the application form:

  • Obtain an address in Malta required to send notifications or documents to the applicant in accordance with the law
  • Beneficial owners, qualifying holders, administrators and senior managers of the applicant are required to submit a Personal Questionnaire

The application process is divided into three phases:

  • The preparatory phase
    • An applicant has to send a written notification to the MFSA through the VFA agent of its intention to apply for a VFA licence
    • After receiving the notification the MFSA sets up a preliminary meeting with the applicant who then has 60 days to submit an application
  • The pre-licensing phase
    • If the MFSA is satisfied with the information included in the application and the completion of the fitness and properness assessment, it issues an in-principle approval which is valid for 3 months
    • The applicant has 3 months to resolve any raised issues and meet pre-licensing conditions stated in the in-principle approval
    • Once all the requirements are met, a VFA services provider license is issued by the MFSA
  • The post-licensing and pre-commencement of business phase
    • New licensees may be demanded to meet post-licensing requirements prior to the start of the business which must be commenced within 12 months of the date of issue of the VFA service provider licence

The following documents have to be attached to the application form:

  • Unitholding structure (information about direct and indirect unitholders as well as beneficial owners)
  • Business plan summary (general business details, rationale for applying for a particular VFA licence, also governance information)
  • Memorandum or Articles of Association and Board Resolution
  • Declaration sheet (related to the declaration of truthfulness of the provided information as well as the privacy notice)
  • A corporate questionnaire to be completed by shareholders (includes authorised person details, regulatory history, corporate structure, etc.)
  • Involvement suitability assessment (details of a proposed individual, competence questions, potential conflicts of interest)
  • Outsourcing assessment (details about outsourced activities, arrangements and responsible persons)

How to Open a Cryptocurrency Company in Malta

One of the most common legal structures of cryptocurrency companies in Malta is a Private Limited Liability Company (Ltd) which can be registered within 9 weeks.

A new company can be registered with the Malta Business Registry (MBR) either by the shareholders or by their authorised representatives such as lawyers or accountants.

Requirements for a Private Limited Liability Company:

  • 1-50 shareholders (no local shareholders required)
  • Minimum authorised capital applicable to a relevant VFA class must be possed
  • A locally registered office address, however an operational office isn’t legally required
  • At least one director
  • A company secretary who doesn’t have to be a resident in Malta
  • A compliance officer, an AML/CFT officer and a risk manager (no nationality requirements)

Required documents:

  • A Memorandum and Articles of Association
  • Form BO1 containing details about the identification of the company’s beneficial owners
  • Proof of locally registered office address
  • Evidence of transferred share capital (e.g. a bank deposit slip)
  • Notarised photocopies of shareholders’ passports

Key steps of opening a cryptocurrency company in Malta:

  • Verifying and reserving a unique company name which must end with an Ltd
  • Opening a bank account
  • Transferring authorised share capital
  • Settling registration fees
  • Submitting registration documents with the MBR
  • Obtaining a certificate of registration from the MBR which enables the start of the company’s activities
  • Applying for a VFA service provider licence
  • Registering for taxes with the Commissioner for Revenue (CFR)

Reporting Requirements

All Maltese private limited liability companies are obligated to prepare annual audited financial statements which are also required for the purpose of the preparation of the annual income tax return form. The audit shall be carried out by independent auditors registered with the local accountancy board and compliant with the International Standards of Auditing (ISA).

An annual return form must be prepared upon each anniversary date of the company’s registration. The return form must be submitted with the MBR within 42 days after the date to which it is made up. A payment of 100-1,400 EUR (depending on the authorised capital) has to be submitted along with the return form.

Moreover, a copy of annual accounts must be also submitted along with a copy of the auditors’ report and the directors’ report. The annual accounts must be approved within 10 months from the end of the financial year, with a subsequent grace period of 42 days.

Audit exemption is applicable to new businesses meeting the following criteria:

  • The maximum annual turnover of the company doesn’t exceed 80,000 EUR or a pro rata amount if the relevant accounting period is a period other than 12 months
  • All the shareholders in the company meet the criteria of qualifying shareholders; a shareholder is considered qualifying if he/she has completed his/her educational studies at least at MQF Level 3 or an equivalent level as recognised by the Malta Qualifications Recognition Information Centre, and who has completed such studies on a date being not earlier than 3 years from the date of the registration of the company

Taxation Framework

Malta has more than 70 international agreements on the avoidance of double taxation which makes it an attractive jurisdiction. Furthermore, VFA businesses can gain clarity from the crypto-specific taxation guidelines issued by the CFR office. They determine the application of the Income Tax, Stamp Duty and VAT rates to the transactions or arrangements involving DLT assets.

The VFA tax guidelines specify that VAT, Stamp Duty, and Income Tax handling of any DLT asset will depend on the purpose for which the asset is used, not the category of the asset. For example, transactions that are subject to VAT are to be analysed by referencing the nature of the activities, the status of the involved parties and the specific circumstances of the particular case.

For the taxation purposes DLT assets are divided into the following categories:

  • Coins – cryptocurrencies, functionally constituting the cryptolicense equivalent of fiat money (are created to be used as a means of payment or medium of exchange, or function as a store of value)
  • Financial tokens – analogous to equities, debentures, units in collective investment schemes or derivatives
  • Utility tokens – utility, value or application is restricted solely to the acquisition of goods or services either solely within the DLT platform on, or in relation to which they are issued or within a limited network of DLT platforms

Standard tax rates in Malta:

  • Corporate Income Tax – 35%
  • Value Added Tax – 18%
  • Stamp Duty – 2-5%

Examples of tax exemptions and allowances:

  • According to the VFA tax guidelines, the funds that are raised from the issuance of financial tokens during the initial offering aren’t subject to the Corporate Income Tax
  • The tax treatment of transactions involving coins such as Bitcoin is identical to the tax treatment of transactions involving fiat money which is why gains of isolated cryptocurrency transfers aren’t taxed
  • VFA service providers in Malta can apply for the Highly Qualified Persons Rules (HQP) enabling them to benefit from a flat tax rate of 15% up to a maximum income of 5 mill EUR. Any excess on the said sum is exempt from tax

Our highly experienced and reliable lawyers will be delighted to provide you with tailored support in establishing a cryptocurrency company in Malta and in obtaining a VFA service provider licence. We closely monitor local regulations and are therefore well equipped to guide our clients through every stage of the process.

Establish a Crypto Company in Malta

In Malta, cryptocurrency companies operate within a well-thought-through regulatory framework, built to protect customers, investors, the integrity of the market and the country’s reputation. Therefore, the requirements for establishing a fully licensed Maltese cryptocurrency company are rather high. If you’re well-prepared to meet them, you’ll surely unlock numerous advantages of this crypto-friendly jurisdiction.

Notable advantages of the Maltese business environment:

  • Favourable taxation system (such tax benefits as low effective Corporate Income Tax (5%-7%), international double taxation agreements and relatively low VAT)
  • Malta is an EU member which opens doors to the entire EU market
  • A well-educated, innovation-oriented workforce that can elevate your business
  • English is one of the official languages in Malta which makes the incorporation process and operations easier
  • Reliable banking system – Malta ranks 17th in the Global Competitiveness Index 2017-2018 for the soundness of banks

The main piece of legislation governing companies in Malta is the Companies Act 1995 which is largely based on the UK’s Companies Act 1985 and is harmonised with appropriate EU directives. It regulates such matters as company incorporation, governance and insolvency.

The public register of Maltese companies is maintained by the Malta Business Registry (MBR) who’s responsible for the registration of companies and commercial documents, the issuance of certifications, collection of fees and penalties as well as the publication of notices.

The Malta Financial Services Authority (MFSA), a supervisor of Maltese crypto companies, is another authority that you have to be prepared to deal with in order to establish a fully licensed crypto company in Malta. Its main responsibility is to enforce AML/CFT-related regulations.

You don’t have to be a Maltese citizen to gain equal rights related to establishing and running a crypto business in Malta.

Types of Maltese Business Entities

Limited companies – a Private Limited Liability Company (Ltd) and a Public Limited Liability Company (Plc) – are generally well-suited for most crypto-related business models. These types of business entities can allow the shareholders to benefit from company profits without facing personal liability for the company’s debts or other obligations.

General company name requirements:

  • Must not be similar to the name of another company which would lead to confusion
  • The authority will dismiss any name that’s considered offensive or undesirable
  • The authority will also dismiss the name that’s been reserved for registration  of another company not more than three months before the date of the second request

The following documents are required to establish a company in Malta:

  • A Memorandum of Association
  • Articles of Association
  • Notarised photocopies of shareholders’ passports
  • Form BO1 containing details about the identification of the company’s beneficial owners
  • Proof of locally registered office address
  • Evidence of transferred share capital (e.g. a bank deposit slip)

The Memorandum of Association of any limited company should include:

  • A statement that it’s a private company
  • The name of the company
  • Names and  residence addresses  of  each  of  the  share subscribers
  • An address of a registered office in Malta and an email address of the company
  • The objects of the company
  • The amount of authorised share capital with which the company is applying for registration
  • The number and evaluation of shares, as well as the number of shares owned by each subscriber, and the amount of money, paid for each share (if the share capital is divided into classified shares, the rights attached to each share must be specified)
  • The number of the directors, their names and residence addresses
  • The way in which the company will be represented, including those responsible for the representation
  • Names and residence addresses of the first company secretaries
  • If relevant, the period which the company is being established for

The following documents should be attached to the Memorandum of Association of a Public Limited Liability Company (Plc):

  • The total amount or an estimate of all the company formation costs payable by the company before it’s authorised to start its operations, including the costs related to transactions required to obtain the authorisation
  • A description of any advantage granted before the company is allowed to start its economic activities to anyone who has participated in the formation of the company or in transactions required to obtain the authorisation

Authorised capital requirements are dependent on the type of intended crypto activities. Currently, they’re divided into the following classes:

  • Class 1 (financial advisors, entitled to receive and transfer VFA-related orders and offer investment advice) – 50,000 EUR or 25,000 EUR with PII
  • Class 2 (provision of crypto wallets, peer-to-peer exchange, management of investment portfolios) – 125,000 EUR
  • Class 3 (over-the-counter traders and transactions, market makers, except for VFA exchange) – 730,000 EUR
  • Class 4 (the control of the customer money as well as cryptocurrency exchange of any type) – 730,000 EUR

Private Limited Company (Ltd)

One of the most common legal structures of cryptocurrency companies in Malta is a Private Limited Liability Company (Ltd) which is normally chosen to run small and medium size businesses.

Key requirements for a Private Limited Liability Company (Ltd):

  • Its name must end with the words Private Limited Company or the word Limited or its abbreviation Ltd
  • 1-50 shareholders (no local shareholders required)
  • Minimum authorised capital applicable to a relevant VFA class must be possessed
  • A locally registered office address, however, an operational office isn’t legally required
  • At least one director
  • A company secretary who doesn’t have to be a resident in Malta
  • A compliance officer, an AML/CFT officer and a risk manager (no nationality requirements)

A Private Limited Liability Company (Ltd) can be exempt from audit if it meets the following criteria:

  • The maximum annual turnover of the company doesn’t exceed 80,000 EUR or a proportional amount if the accounting period is other than 12 months
  • All the shareholders in the company meet the criteria of qualifying shareholders; a shareholder is considered qualifying if he/she has completed his/her educational studies at least at MQF Level 3 or an equivalent level, recognised by the Malta Qualifications Recognition Information Centre, not earlier than three years from the date of the company registration

To avail of the audit exemption, a company must submit an application to the MBR within six months from the end of the accounting period for which the exemption should apply.

Public Limited Company (Plc)

If you’re planning to start a crypto business on a larger scale, consider incorporating a Public Limited Liability Company (Plc) which can issue shares to the public in order to raise capital and whose shares can be traded on a stock exchange.

Key requirements for a Public Limited Liability Company (Plc):

  • The name must end either with the words Public Limited Company or their abbreviation Plc
  • At least two shareholders (the number of shareholders is unlimited)
  • At least two directors who will form a board of directors responsible for seamless external and internal operations and who must sign the Memorandum of Association and Articles of Association to express their consent to take up the roles of directors
  • A secretary
  • At least 25% of the share capital must be transferred before the registration
  • An auditor residing in Malta and registered with the Maltese Accountancy Board must be appointed by the company directors regardless of the size of the company

A Public Limited Liability Company (Plc) is required to prepare a balance sheet, profit and loss notes to the accounts, reports of directors and auditors which would reflect a clear view of the company’s financial position, profit and loss as well as assets and liabilities. Audited accounts must be presented to the members of the General Meeting for approval within seven months after the end of the relevant accounting period and submitted to the MBR.

Any of the legal entities – a Private Limited Liability Company (Ltd) and a Public Limited Liability Company (Plc) – can be established either as a trading company or as a holding company. While the former is a natural choice for those who’re planning to buy and sell products or services and bears all the inherent risks and liabilities, the latter merely holds assets (e.g. shares and intellectual property) and is chosen for such purposes as income distribution to shareholders at a tax effective rate, asset separation and minimisation of double taxation.

What You Need to Do

You can register a new company within three months, provided that all the required documentation is carefully prepared and duly submitted. If you don’t wish to travel to Malta, signing a power of attorney is an effective solution.

To establish a cryptocurrency company in Malta, take the following steps:

  • Verify and reserve a unique company name
  • Find office premises in Malta (it can also be a virtual office) and obtain a legal address where Maltese authorities will deliver notifications or documents in accordance with the law
  • Open a local bank account
  • Transfer share capital required for your selected class of crypto activities
  • Settle company registration fees
  • Submit an application for the company registration along with required documents to the MBR
  • Obtain a certificate of registration from the MBR
  • Register the company with the Commissioner for Revenue (CFR) for tax purposes
  • Apply for a VFA service provider licence

Your company can only start operating in or from within Malta if it’s fully licensed by the MFSA. To initiate the application process, send a written notification about your intentions to the MFSA through a selected VFA agent who’ll be responsible for the entire application process, including the submission of an online VFA service provider application form.

Taxation of Crypto Companies in Malta

The taxes are administered by the CFR who issued guidelines determining the application of Income Tax, Stamp Duty and VAT to the activities involving assets based on the distributed ledger technology (DLT). The foundational rule is that VAT, Stamp Duty, and Income Tax handling of any DLT asset depends on the purpose for which the asset is used, not the category of the asset.

Maltese crypto companies are generally subject to the following taxes:

Tax-relevant value in transactions involving DLT assets is determined by referencing the market value of the DLT assets. Payments made or received in a cryptocurrency are treated like payments in any other currency for Corporate Income Tax purposes. To ensure the correct application of the Corporate Income Tax, appropriate records of transactions involving DLT assets must be consistently kept. Values expressed in a cryptocurrency have to be converted to the reporting fiat currency in which the taxpayer submits the financial statements.

Many DLT-related activities are exempt from VAT, for instance:

  • If a crypto asset serves as a means of payment accepted by certain operators, it’s treated as fiat money which means the exchange of cryptocurrencies for other cryptocurrencies or for fiat money is VAT-exempt
  • Crypto mining itself is outside of the scope of VAT if there is no recipient of the service, but if crypto mining service providers receive payment for such activities as transaction verification, a standard VAT rate applies
  • If financial tokens are issued purely for the purpose of raising capital, they’re VAT-exempt as the activity isn’t considered a provision of products or services

If you’re determined to start building a successful cryptocurrency business in Malta, our trusted and dynamic team of Regulated United Europe (RUE) will be delighted to support you at every stage. We provide comprehensive legal advice on company formation, crypto licensing and taxation. Moreover, we’ll be more than happy to step in if you’re in need of accounting services. Contact our dedicated experts today for a tailored consultation.

We also offer a virtual office service which eliminates the need for expensive office leases, equipment and staff. It’s an advantageous solution for small businesses who’re willing to create a professional image by having access to such physical office functions as a business address, meeting facilities and reception, while at the same time reducing costs and maintaining the benefits of remote work. Enquire about our virtual office here.

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