Fintech

A Status Update on the Virtual Financial Services Framework

31/01/2019


The Malta Financial Services Authority (the ‘MFSA’) have published a circular with a status update on the VFA Framework.


We are informed that the registration for Whitepapers under the Act is now available online. This shall be duly compiled by the VFA Agent that is appointed by the Issuer of the Virtual Financial Asset, the Applicant. The MFSA are currently screening all proposed VFA Agents and once this process is complete will start accepting applications for VFA Issuers.

Chapter 1 and Chapter2 of the Virtual Financial Assets Rulebook were published in October 2018 following the publication of the VFA Act and we will soon expect that Chapter 3 will be published in shortly, this Chapter refers to VFA Service Providers.

An updated version of the Glossary of Terms for definitions was also published this month. This Glossary should be read in conjunction with the Virtual Financial Assets Rules as well as any other publications issued by the Malta Financial Services Authority (the ‘MFSA’) in relation to the Virtual Financial Services framework.

The Frequently Asked questions on the Virtual Financial Assets framework were also updated and these can be found here.

Lastly the MFSA issued the final version of the Financial Instrument Test and we are informed that updated Guidelines will be published shortly on the Malta Financial Services Authority official website.

To read the full Circular dated 25th of January click here.