MFSA publishes Virtual Financial Assets Rules for VFA agents

The MFSA has published further material with regards to the Virtual Financial Assets Regulations, which one can download through the following links:

• Chapter 1 of the Virtual Financial Assets Rulebook: Virtual Financial Assets Rules for VFA Agents
• Glossary of Terms
• Circular on the Competence Assessment of prospective VFA Agents.

The publication of the rules applicable to VFA Agents follows two main consultations, namely

• Consultation Paper on the Virtual Financial Assets Rules for VFA Agents issued on 12 July 2018
• Consultation Paper on raising the bar for VFA Agents issued on 4 September 2018

The rules place heavy emphasis on the level of competence that prospective VFA Agents are required to have, both in terms of the traditional financial services framework as well as the regulatory framework developed under the Virtual Financial Assets Act. The latter, together with the due diligence systems and controls in place to enable the prospective VFA Agents to conduct thorough and effective fitness and properness assessments on clients, will impinge heavily on whether an application for registration as VFA Agent is accepted by the MFSA or otherwise.

The MFSA shall be issuing further information and guidance on the application process applicable to persons wishing to seek registration as VFA Agents in early course.

Grant Thornton qualifies for the role of a VFA agent, and we would not only be able to apply for the license on your behalf, but we also operate a multi-disciplinary Fintech and Blockchain Advisory Team composed of specialists in different areas to assist in all other related matters.
Contact us to find out more.