CSB Fintech Ltd has reached an important milestone by receiving the In-Principle Approval from the Malta Financial Services Authority (MFSA) to act as a VFA Agent in terms of Article 7 and 14 of the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta), (the “VFA Act”). In the coming months, the company will be subject to satisfying the final application criteria before becoming one of the first VFA Agents in Malta.
As required by the VFA Act, the VFA agent is required to evaluate the clients’ business plans and fitness and properness prior to submitting an application to the MFSA. In addition, the VFA agent is obliged to perform thorough due diligence on clients while supporting the MFSA with providing the necessary information during post-registration supervision. Such criteria have been set with the aim of safeguarding the crypto market’s integrity and public interest.
Malta can be considered at the forefront for embracing Blockchain, a revolutionary innovation. On the 4th of July 2018 the Maltese Parliament passed three bills into law, giving any interested investor a clear picture of the legal framework required to set up a legitimate cryptocurrency business in Malta. This has made Malta a cryptocurrency-friendly jurisdiction offering a stable system and the forward-looking approach, creating the ideal setting to attract further investment.
CSB Fintech Ltd is part of CSB Group, a leading Corporate Services Provider, with Regulated Industry services being one of its specialisations. The Group is renowned for offering its clients a spectrum of specialised business and commercial services that guarantee a complete turnkey solution to clients wishing to setup or relocate their business to Malta.
For any assistance required please contact our qualified Fintech team on [email protected].