Consultation Paper on the VFA’s rules for VFA Agents

The Malta Financial Services Authority (MFSA) has issued a consultation document, the purpose of which is to prepare the rules applicable to operators in this new financial services industry relating to Initial Coin Offerings (‘ICOs’) and the provision of certain services in relation to virtual currencies.  This has been done after the MFSA has last […]

Written By Stephen Balzan

On August 24, 2018
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The Malta Financial Services Authority (MFSA) has issued a consultation document, the purpose of which is to prepare the rules applicable to operators in this new financial services industry relating to Initial Coin Offerings (‘ICOs’) and the provision of certain services in relation to virtual currencies.  This has been done after the MFSA has last week carried out another consultation exercise with the financial services industry with regards to the Virtual Financial Assets (VFA) regulations to be issued under the Virtual Financial Assets Act.  The MFSA has drafted a legal notice setting out regulations on exemptions, fees, control of assets and administrative penalties and appeals.

The MFSA has proposed the publication of a rule book titled ‘The Virtual Financial Assets Rulebook’ which will be subdivided into three chapters as follows:

Chapter 1 – Virtual Financial Assets Rules for VFA Agents

Chapter 2 – Virtual Financial Assets Rules for issuers of Virtual Financial Assets

Chapter 3 – Virtual Financial Assets Rules for VFA Service Providers

The MFSA has now issued Chapter 1 to obtain the feedback from the industry while the proposed Chapters 2 and 3 of the Virtual Financial Assets Rulebook will be issued for consultation in the coming weeks.  The consultation is open until the end of July 2018 and interested parties are requested to submit their comments and feedback by email on [email protected].

How can we help?  

For further information, please contact one of the firm’s tax partners, Stephen Balzan on [email protected] or Elaine Camilleri [email protected]. ACT can help you understand the changes to the tax rules and how these can impact your business.  

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria.  For an appointment in our Gozo office, please call on 00356 21378672 or send us an email on [email protected]. 

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