On the 25th February 2019, the Malta Financial Services Authority (the “MFSA”) published the much-awaited Chapter 3 of the Virtual Financial Assets Rulebook (the “VFA Rulebook”). This Chapter is applicable to Virtual Financial Assets Service Providers that are either seeking to be licensed or are licensed in terms of the VFA Act (the “Act”).
Chapter 3 of the VFA Rulebook is further sub-divided into 4 titles which set out the following:
Title 1 – High level principles which should guide VFA Service Providers in the provision of their VFA services;
Title 2 – Licensing requirements and the licensing process;
Title 3 – Ongoing obligations that must be adhered to by VFA Service Providers; and
Title 4 – Enforcement and Sanctions in the event of misconduct.
Next steps
The MFSA is currently reviewing applications submitted by persons seeking to be registered as VFA Agents. Following the finalisation of this process and the licensing of VFA Agents, information and guidance on the submission of applications for VFA Services licences will be issued.
Persons benefitting from the transitory provisions provided under Article 62 of the Act shall continue to comply with the applicable rules on a best effort basis and are reminded that they shall apply for a VFA Services Licence by the 1st of November 2019.
Please feel free to contact us for more information on Chapter 3 of the VFA Rulebook.
