Circular – A Status Update on the VFA Framework

An update on the Virtual Financial Assets Framework has been made public on the MFSA website on the 25th of January.

Following the publication of the VFA Act, the MFSA proposed an introduction of a rulebook, titled the “Virtual Financial Assets Rulebook”. After considering all the feedback received both Chapter 1 and Chapter 2 were published back in October 2018. The authority now expects to publish Chapter 3 in the coming weeks. A Glossary of Terms is also available for definitions.

Due to the numerous queries with respect to the VFA Framework the MFSA has issued an updated Frequently Asked Questions on the Virtual Financial Assets Framework.

The MFSA has received a number of applications for the registration of VFA Agents and these are currently being processed on a first come first serve basis. Applications may be submitted through the Apply for Authorisation Page on the MFSA website.

Upon the registration of the first VFA Agents, the MFSA shall be in a position to start accepting and considering requests for Whitepaper approval for persons not operating under the transitory provision and applications for a VFA Services Licence.

More updates and developments can be found in the Circular.

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