The Malta Financial Services Authority (MFSA) has recently issued a circular to issuers of Virtual Financial assets (VFAs) which is particularly relevant to those:
- availing themselves of the transitory period under Article 62(1)(a) of the Act; or
- falling within scope of the exemption under Regulation 3 of the Virtual Financial Assets Regulations but will continue their offering after the 31 January 2019.
Such applicants are required to draw up a white paper and register it with the MFSA by not later than the 31st of January 2019. MFSA shall shortly be issuing a guidance note to assist VFA Agents and applicants in the preparation of their submissions.
In the meantime the MFSA has also issued:
- the final version of the Financial Instrument Test. The MFSA is also expected to issue an updated Guidance Note to the Financial Instrument Test; and
- an updated version of the Glossary of Terms of the VFA Framework to include further definitions, including but not limited to ‘Admission to trading on a DLT exchange’, ‘Experienced Investor’ and ‘Offer of VFAs to the public’ amongst other new definitions.