On Tuesday 24th July, Malta Financial Services Authority (MFSA), published the ‘Guidance note to the Financial Instrument Test’. This report discusses, what the Financial Instrument test entails, with step by step procedures as established by the authority. The Virtual Financial Assets (VFA) Agents need to follow these set of rules to identify which category the ICO in question fall under. The three categories as identified by the VFAA Act are 1) Virtual Tokens, 2) Virtual Financial Assets or 3) Financial Instrument. These rules can be accessed on the authority website which is drafted on an Excel sheet and PDF format.
These issues were further discussed in a conference MFSA organised in the wake of these regulations. The conference was held on Wednesday 25th July, discussing the Financial Instrument Test published by the authority. A lawyer specialising in ICOs from E&S Group attended the conference, to understand what is required by VFA Agents. The conference spoke about various ways on what is expected by the VFA Agent to adhere to when conducting these tests. When the tests are concluded the authority has to have a copy of the results established by the agent.
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