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9 January 2024

MFSA Launches Consultation Process Covering Chapter 2 Of The VFA Rulebook

FM
Finance Malta

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Finance Malta is a non-profit public-private initiative set up to promote Malta as an international financial centre, both within, as well as outside Malta. It brings together, and harnesses, the resources of the industry and government, to ensure Malta maintains a modern and effective legal, regulatory, and fiscal framework in which the financial services sector can continue to grow and prosper. The Board of Governors, together with the founding associations: The Malta Funds Asset Servicing Association, the Malta Bankers Association, the Malta Insurance Association, the Association of Insurance Brokers, the Malta Insurance Managers Association, the Institute of Financial Services Practitioners; its members and staff are all committed to promote Malta as an innovative international.
The Malta Financial Services Authority ("MFSA") has kept the momentum going ahead of the implementation of the Markets in Crypto-Asses Regulation ("MiCA").
European Union Technology

The Malta Financial Services Authority ("MFSA") has kept the momentum going ahead of the implementation of the Markets in Crypto-Asses Regulation ("MiCA"). We expect MiCA to have a significant impact on the EU/ EEA market in relation to crypto-assets.

On 19 December 2024, the MFSA issued a consultation process covering proposed updates to Chapter 2 of the VFA Rulebook. The objective is principally:

  • to remove the references to the role of the VFA Agent once the necessary legal changes to the Virtual Financial Assets Act (Chapter 590, Laws of Malta) have been published; and
  • to remove the various requirements in relation to the Systems Auditor and include provisions for issuers to include information on any technology audits within the whitepaper in line with MiCA.

The public offering and/or admission to trading of crypto-assets are bound by a sophisticated regulatory framework under MiCA. The provisions of MiCA will generally apply from 30 December 2024, except Titles III (Asset-Referenced Tokens) and IV (E-Money Tokens) which will apply from 30 June 2023.

The MFSA has invited stakeholders to provide feedback in relation to the proposed updates to Chapter 2 of the VFA Rulebook by Friday 19 January 2024.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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