Supporting innovation and new technologies for financial services in the area of crypto-assets.
See the latest Circulars, the Nature and Art of Financial Supervision and Dear CEO Letters.
Understanding
the VFA Framework
The MFSA devised the Virtual Financial Assets Framework to support the innovation and new technologies for financial services in the area of crypto-assets whilst ensuring effective investor protection, financial market integrity and financial stability.
The Financial Instruments test
First step in your VFA application…
The MFSA introduced a Financial Instrument Test with the objective to determine whether a DLT asset, based on its specific features, is encompassed under (i) the existing EU legislation and the corresponding national legislation, (ii) the Virtual Financial Assets Act or (iii) is otherwise exempt.
The Test is applicable to (i) issuers offering DLT assets to the public or wishing to admit such DLT assets on a DLT exchange in or from within Malta; and (ii) persons providing any service and/or performing any activity, within the context of either the Virtual Financial Assets Act or traditional financial services legislation, in relation to DLT assets whose classification has not been determined.
Below you will find all relevant resources relating to the VFA Framework…
Any queries can be addressed to [email protected]
Authorisation
and Supervision
The VFA Framework establishes three types of authorisations, being (i) registration of VFA Agents, (ii) registration of Whitepapers, and (iii) applications of VFA Services Providers.
VFA Agent
Persons wishing to either register their Whitepaper or apply as a VFA Services Provider should submit their application through a registered VFA Agent. A list of registered VFA Agents is available on the MFSA’s Financial Services Register.
Authorisation
Persons wishing to provide and exercise the functions listed under Article 7 and/or Article 14 of the VFA Act shall be required to register as a VFA Agent, through the submission of the online VFA Agent Registration Form which may be accessed by clicking below.
The Registration Form needs to be accompanied by Annexes which may be accessed through the links below.
Beneficial Owners, Qualifying Holders, Administrators, Senior Managers and Designated Persons of the Applicant are required to submit a PQ prior to the submission of the Registration Form.
Proposed Persons formally submitted to the MFSA are required to undergo a competence assessment in terms of the VFA Rulebook.
Prior to starting your application, get familiar with..
Whitepaper
Whitepapers which have been successfully registered by the Authority shall subsequently be found within the Authority’s Financial Services Register.
In Malta, the requirements governing the issuance of a VFA to the public emanate predominantly from the VFA Act and Chapter 2 of the VFA Rulebook.
Any person wishing to issue a VFA to the public in or from within Malta is required to draw up a whitepaper which includes the information listed in the First Schedule of the VFA Act and register said whitepaper with the MFSA.
Persons wishing to register a Whitepaper with the MFSA in accordance with the VFA Act are required to submit, through a registered VFA Agent, an online Whitepaper Registration Form. The Registration Form needs to be accompanied by Annexes which may be accessed through the links below.
Prior to starting your application, get familiar with..
VFA Service Provider
VFA Services Provider should submit their application through a registered VFA Agent.
Authorisation
Persons wishing to provide one or more services listed under the Second Schedule of the VFA Act in relation to such assets are required to apply for a licence through a registered VFA Agent, by submitting the online VFA Service Provider Application Form. The Application Form needs to be accompanied by Annexes which may be accessed through the links below.
Beneficial Owners, Qualifying Holders, Administrators and Senior Managers of the Applicant are required to submit a PQ prior to the submission of the Application Form.
Prior to starting your application, get familiar with..
Supervision
VFASP Return – Updated on 26 June 2024
VFASP Return: Guidance Notes – Updated on 26 March 2024
Consumer Information
and Guidance
The MFSA devised the Virtual Financial Assets Framework to support the innovation and new technologies for financial services in the area of crypto-assets whilst ensuring effective investor protection, financial market integrity and financial stability.
