The MFSA devised the Virtual Financial Assets Framework to support the innovation and new technologies for financial services in the area of crypto-assets whilst ensuring effective investor protection, financial market integrity and financial stability.
The MFSA introduced a Financial Instrument Test with the objective to determine whether a DLT asset, based on its specific features, is encompassed under (i) the existing EU legislation and the corresponding national legislation, (ii) the Virtual Financial Assets Act or (iii) is otherwise exempt.
The Test is applicable to (i) issuers offering DLT assets to the public or wishing to admit such DLT assets on a DLT exchange in or from within Malta; and (ii) persons providing any service and/or performing any activity, within the context of either the Virtual Financial Assets Act or traditional financial services legislation, in relation to DLT assets whose classification has not been determined.
Requests for applications, authorisations and approvals under the Virtual Financial Assets Act will be accepted by the MFSA from 1 November 2018 onwards through the designated online portal.
Any queries can be addressed to [email protected]
Legislative & Regulatory Framework
Apply for Authorisation
The MFSA started considering authorisations under the Virtual Financial Assets (‘VFA’) Act as of 1 November 2018. The VFA Framework establishes three types of authorisations, being (i) registration of VFA Agents, (ii) registration of Whitepapers, and (iii) applications of VFA Services Providers.
Persons wishing to either register their Whitepaper or apply as a VFA Services Provider should submit their application through a registered VFA Agent. A list of registered VFA Agents is available on the MFSA’s Financial Services Register.
Proposed Persons formally submitted to the MFSA are required to undergo a competence assessment in terms of the VFA Rulebook. A list of approved courses for each respective role can be found here: Approved Courses for Proposed Persons.
Persons wishing to provide and exercise the functions listed under Article 7 and/or Article 14 of the VFA Act shall be required to register as a VFA Agent, through the submission of the online VFA Agent Registration Form which may be accessed by clicking below.
The Registration Form needs to be accompanied by Annexes which may be accessed through the links below.
Beneficial Owners, Qualifying Holders, Administrators, Senior Managers and Designated Persons of the Applicant are required to submit a PQ prior to the submission of the Registration Form.
Persons wishing to register a Whitepaper with the MFSA in accordance with the VFA Act are required to submit, through a registered VFA Agent, an online Whitepaper Registration Form. The Registration Form needs to be accompanied by Annexes which may be accessed through the links below.
Persons wishing to provided one or more services listed under the Second Schedule of the VFA Act in relation to such assets are required to apply for a licence through a registered VFA Agent, by submitting the online VFA Service Provider Application Form. The Application Form needs to be accompanied by Annexes which may be accessed through the links below.
Beneficial Owners, Qualifying Holders, Administrators and Senior Managers of the Applicant are required to submit a PQ prior to the submission of the Application Form.
Guidance Note to the Public (Cryptocurrency Scams)
Nota ta’ gwida ghall-pubbliku (Cryptocurrency Scams)