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MFSA Circular to VFA Service Providers – 31st October Deadline

MEDIA ROOM

September 9, 2019

Further to the transitory provision set out in Article 62 of the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta) (‘VFA Act’), any persons wishing to continue providing VFA Services following the expiry of the transitory period shall be required to commence the VFA Services License application process pursuant to R3- 2.1.2.2 of Chapter 3 of the Virtual Financial Assets (‘VFA’) Rulebook by not later than 31 October 2019, namely submit:

A letter of intent, which sets out inter alia:

  1. a comprehensive written description of the proposed structure;
  2. the VFA Service/s for which licensing is to be sought identifying the persons proposed to hold key positions thereto; and
  3. a legal opinion that the proposed activity does not fall within the scope of traditional financial services legislation.

If you would like further information and assistance with respect to the above please contact Dr. Franklin Cachia, Senior Manager Tax & Regulated Industries on [email protected].