On the 24^th October 2018, the Malta Financial Services Authority (MFSA) published its formal feedback statement corresponding to the consultation process in respect of the draft Virtual Financial Assets Regulations (the ‘Regulations’).

The MFSA has now issued a feedback statement summarising the feedback received pursuant to the consultation process and setting out the MFSA’s position with respect to the various matters highlighted by the industry for clarification

The said consultation process was launched in the 4^th July 2018 by means of the publication by the MFSA of a Consultation Paper seeking the industry’s feedback with regard to the draft Regulations to be issued under the Virtual Financial Assets Act. The Consultation period closed on the 20^th July 2018 and the MFSA has now issued a feedback statement summarising the feedback received pursuant to the consultation process and setting out the MFSA’s position with respect to the various matters highlighted by the industry for clarification.

It is understood that the corresponding Legal Notices in order to facilitate the enactment of the Regulations as subsidiary legislation have been submitted to the minister to the Parliamentary Secretariat for Financial Services, Digital Economy and Innovation for the required approvals.