On the 25th February 2019, the MFSA published Chapter 3 of the Virtual Financial Assets Rulebook setting out the Virtual Financial Assets Rules for VFA Service Providers.
The publication of the said rules follows the Consultation process on the Virtual Financial Assets Rules for VFA Service Providers published by the Authority on 31 August 2018.
This latest instalment of the Virtual Financial Assets Rulebook will apply to VFA Service Providers licensed in terms of the Virtual Financial Assets Act as well as applicants seeking licensing as VFA Service Providers under the Act.
The Chapter is sub-divided into four broad titles which respectively set out:
- the high-level principles which should guide VFA Service Providers in the provision of their VFA activity in or from within Malta;
- the licensing requirements and the respective licensing process for VFA Service Providers;
- the ongoing obligations incumbent upon VFA Service Providers; and
- enforcement and sanctions in the event of misconduct.