MFSA issues a circular to issuers of Virtual Financial Assets

The Malta Financial Services Authority (MFSA) has recently issued a circular to issuers of Virtual Financial assets (VFAs) which is particularly relevant to those:  availing themselves of the transitory period under Article 62(1)(a) of the Act; or falling within scope of the exemption under Regulation 3 of the Virtual Financial Assets Regulations but will continue […]

Written By ACT Team

On January 21, 2019
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The Malta Financial Services Authority (MFSA) has recently issued a circular to issuers of Virtual Financial assets (VFAs) which is particularly relevant to those: 

  1. availing themselves of the transitory period under Article 62(1)(a) of the Act; or
  2. falling within scope of the exemption under Regulation 3 of the Virtual Financial Assets Regulations but will continue their offering after the 31 January 2019.

Such applicants are required to draw up a white paper and register it with the MFSA by not later than the 31st of January 2019.  MFSA shall shortly be issuing a guidance note to assist VFA Agents and applicants in the preparation of their submissions.

In the meantime the MFSA has also issued:

  1. the final version of the Financial Instrument Test.  The MFSA is also expected to issue an updated Guidance Note to the Financial Instrument Test; and
  2. an updated version of the Glossary of Terms of the VFA Framework to include further definitions, including but not limited to ‘Admission to trading on a DLT exchange’, ‘Experienced Investor’ and ‘Offer of VFAs to the public’ amongst other new definitions.

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].