Following the publication of Chapter 1 and Chapter 2 of the Virtual Financial Assets Rulebook, the MFSA has today published, Chapter 3 of the Virtual Financial Assets Rulebook: Virtual Financial Assets Rules for VFA Service Providers and a corresponding Circular.

The publication of the rules applicable to VFA Service Providers follows the Consultation Paper on the Virtual Financial Assets Rules for VFA Service Providers published by the Authority on 31 August 2018.

This Chapter shall apply to VFA Service Providers licensed in terms of the Virtual Financial Assets Act (‘the Act’) and Applicants seeking licensing as VFA Service Providers under the Act, as applicable.

The Chapter is sub-divided into four titles which respectively set out: [i] the high level principles which should guide VFA Service Providers in the provision of their VFA activity in or from within Malta; [ii] the licensing requirements and the respective licensing process for VFA Service Providers; [iii] the ongoing obligations which VFA Service Providers must adhere to; and [iv] enforcement and sanctions in the event of misconduct by VFA Service Providers.

Further updates and developments on the Virtual Financial Assets Framework will be made public on: www.mfsa.mt/fintech.