MFSA published a Circular to the VFA Issuers

On the 15th of January 2019, the MFSA (Malta Financial Services Authority) published a Circular addressed to VFA (Virtual Financial Assets) Issuers that are either availing themselves of the transitory period under Article 62(1)(a) of the VFA Act or that fall within the scope of the exemption under Regulation 3 of the VFA Regulations but will continue their offering after the 31st January 2019. Such VFA Issuers are to submit a compliant Whitepaper with the MFSA by no later than the 31st of January 2019.

The Circular aims to clarify the process of registering the Whitepaper through the online Registration Form for Whitepapers under the Act, which is to be filled in by the Issuer’s VFA Agent.   The Circular also announced the publication of the final version of the Financial Instrument Test as well as an updated version of the Glossary of Terms, with specific emphasis to the definition of the terms ‘offer to virtual financial assets to the public’, ‘admission to trading on a DLT exchange’ and ‘Systems Auditor’ especially in relevance to the Whitepaper Registration Form.

Publication of an updated Guidance Note to the Financial Instrument Test is expected in the coming days.

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