The MFSA issues its finalized version of Chapter 3 of the Virtual Financial Assets Rulebook

Dr Alex Borg  -  26/February/2019

The MFSA has finally issued its final version of Chapter 3 of the Virtual Financial Assets Rulebook on the 25th of February 2019. This Chapter shall apply to VFA Service Providers, licensed in terms of the Virtual Financial Assets Act and applicants seeking Licensing as VFA Service Providers under the same Act.

This new Chapter of the VFA Rulebook sets out the following:

  1. High level principles which should guide VFA Service Providers in the provision of their service;
  2. Licensing requirements and the authorisation process for VFA Service Providers;
  3. Ongoing obligations which VFA Service Providers must adhere to;
  4. Enforcement and sanctions in the event of misconduct by VFA Service Providers.

Those VFA Service Providers which are taking advantage of the transitory provision under the VFA Act shall remain under an obligation to comply to their maximum effort. Such VFA Service Providers shall apply for a VFA Services License within 12 months from the date of the coming into force of the VFA Act, namely the 1st of November 2018.

Should one be interested to view the finalized version of Chapter 3 of the VFA Rulebook, follow this link:

https://www.mfsa.com.mt/wp-content/uploads/2019/02/VFAR_Chapter31.pdf

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