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MFSA publishes the Virtual Financial Assets Rules for VFA Agents

MEDIA ROOM

July 16, 2018

On the 12th of July, the Malta Financial Services Authority (MFSA) published for consultation the Virtual Financial Assets (VFA) Rules for VFA Agents.

Following the positive feedback received on the proposed introduction of a new legislative framework regulating Initial Coin Offerings (‘ICOs’) and the provision of certain services in relation to virtual currencies, the MFSA drafted and submitted to the Government the Virtual Financial Assets Act (‘the Act’). The Act will come into force on such date as the Minister for Digital Economy may establish by notice in the Gazette.

This Consultation Paper on the VFA Regulations, to be issued under the VFA Act, presents a draft Legal Notice setting out regulations on [i] exemptions; [ii] fees; [iii] control of assets; and [iv] administrative penalties and appeals (‘the Virtual Financial Assets Regulations’). This consultation closes on 20 July 2018.

The Authority is now preparing the rules underlying and complementing the Act and the Virtual Financial Assets Regulations. The rules will provide further detailed regulation applicable to operators in this field of financial services. The MFSA is proposing the introduction of a rulebook, titled the ‘Virtual Financial Assets Rulebook’, which will be subdivided into three chapters as follows:

Chapter 1 | Virtual Financial Assets Rules for VFA Agents

Chapter 2 | Virtual Financial Assets Rules for Issuers of Virtual Financial Assets

Chapter 3 | Virtual Financial Assets Rules for VFA Service Providers

The scope of this Consultation is to obtain industry feedback in relation to Chapter 1 of the Virtual Financial Assets Rulebook.

The Consultation is open to the public from 12 July 2018 until 31 July 2018. Interested parties are requested to submit their comments and feedback with respect to the Consultation by email on [email protected] by not later than 31 July 2018.

Source: mfsa.com.mt

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