On the 25th February 2019, the Malta Financial Services Authority (MFSA) published the final version of Chapter 3 of the Virtual Financial Assets Rulebook: Virtual Financial Assets Rules for VFA Service Providers, which follows the Consultation Paper on the Virtual Financial Assets Rules for VFA Service Providers. This Chapter is applicable to all VFA Service Providers licensees in terms of the Virtual Financial Assets (VFA) Act and applicants seeking to obtain a VFA Service Provider license.
Chapter 3 VFA Rulebook Guidelines
Chapter 3 of the Rulebook sets out:
- High-level principles which should guide VFA Service Providers in the provision of their VFA service/s in or from within Malta;
- the licensing requirements and the respective licensing process for VFA Service Providers;
- the ongoing obligations which VFA Service Providers must adhere to; and
- enforcement and sanctions in the event of misconduct by VFA Service Providers.
Currently, the MFSA is processing VFA Agent applications of persons seeking to be registered as VFA Agents. Once VFA Agents are registered, the MFSA shall publish guidelines on the submission of applications for VFA Services licenses and open the applications for VFA Service Provider licenses.
