A consultation paper has been published by the MFSA proposing Regulations under the (VFA) Virtual Financial Assets Act. The report published on the 4th of July stated that since the Bill has reached its final enactment stages, the MFSA started drafting the legal notice setting out the regulations. The Authority addressed the following regulations being, exemptions, fees, control of assets and administrative penalties and appeals.
Through this consultation paper, the MFSA is seeking a constructive feedback from the industry regarding the draft regulations, the Virtual Financial Assets Regulations which will be issued under the Act. The aim of these regulations is to maintain financial stability, thus promoting market integrity and ensure the protection of the investor.
The MFSA Consultation Paper on Regulations under the VFA Bill goes public from July 4th until 20th July 2018.