Malta, a Mediterranean EU state that has taken advantage of its small size and agile legislative process to develop the first legislative infrastructure tailored specifically, rather than adapted, to the DLT sector in the widest scope possible. In tribute to Malta’s eager adoption of DLT, including the first bespoke DLT legislation, this innovative jurisdiction has won the title of “Blockchain Island”, and is well on its way to becoming a leading global hub in this sector.

Zeta Fintech Services Limited brings together a team combining highly experienced financial services professionals with a number of Malta’s more prominent researchers and pioneers in Distributed Ledger Technologies (DLT). Zeta Fintech itself is one of the first few companies in Malta to explore operations in the DLT & Fintech sector.

The company is authorized and licensed by the Malta Financial Services Authority (the ‘MFSA’) to act as a VFA Agent under the VFA Act. Zeta Fintech has been licensed to act as a VFA appointed in terms of Articles 7 and 14 and, in consequence, may both on-board Issuers of VFAs and applicants for a VFA services licence.

Where can Zeta Fintech Services Limited assist?

  • Provide assistance and guide issuers of VFAs to meet and fulfil their responsibilities and obligations, especially to the MFSA, as outlined in the VFA Act, its regulations and rulebooks. Moreover, as a VFA Agent, Zeta Fintech will continue to assist and guide issuers in compiling and submitting their annual certificate of compliance to the MFSA.
  • Provide assistance and guide applicants for a VFA services licence. Zeta Fintech, will assist the applicant in determining if the DLT asset in relation to which the applicant is applying for a licence is in fact a VFA falling under the VFA Act. Once this determination is made, Zeta Fintech will assist and guide the applicant in applying for a licence under the four categories provided for by the regulations of the VFA Act.
  • Zeta Fintech also has the resources and networks to assist and guide any legal or natural person in acquiring certification for their Innovative Technology Arrangement and/or Service as outlined by the Malta Digital Innovation Authority Act and the Innovative Technology Arrangement and Services Act.

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The legislative Framework

Malta’s legislative framework, launched in 2018, comprises three laws – the Malta Digital Innovation Act, which sets up a regulatory authority to promote digital innovation, as well as to certify innovative technology arrangements and services. The Innovative Technology Arrangements and Services Act provides for a certification regime for any technology arrangement such as a DLT platform or service by means of the Malta Digital Innovation Authority. This reasoning for this certification is to ensure that any arrangement or service provider wishing to offer added security and peace of mind to users/clients can make use of the provisions offered by the Innovative Technology Arrangement and Services Act.

The third law is the Virtual Financial Assets Act, and it is regulated by Malta’s financial services regulator, the Malta Financial Services Authority (MFSA). The basic approach of this law is to regulate virtual financial assets (VFAs) that do not fall under existent laws. DLT assets that fall under this act are those that are neither virtual tokens nor financial instruments nor electronic money. All such are either unregulated (virtual tokens) or regulated by existent legislation. If a DLT asset does not fall under one of these three categories, then it is considered a VFA for the purposes of this law, and is regulated by this law.

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