On 3 May 2024, the Malta Financial Services Authority (“Authority” and/or “MFSA”) decided to impose an administrative penalty of ten thousand euro (€10,000) on the Company in terms of the Virtual Financial Assets Act (“Act”).

Address:

Ivaja Limited
8, Triq Sant’ Antnin
B’Kara
BKR 4901

Business Activity: Virtual Financial Assets

BREACHES

The MFSA determined that the Company has acted in breach of Article 39 (1) (e) (i) of the Act for failure to provide information to the MFSA which states:

‘‘The competent authority may, by notice in writing require:

(e) any other person who appears to be in possession of relevant information or documentation’’

(i) ‘‘to furnish to the competent authority, at such time and place and in such form as it may specify, such information and documentation as it may require, including the power to require, including the power to require existing telephone, existing data traffic and existing DLT records, with respect to any person with whom the licence holder or VFA agent has close links within the meaning of article 17’’.

REGULATORY ACTION

By virtue of the powers given to the MFSA under Article 48 (1) of the Act, the Authority has decided, on 3 May 2024 to impose an administrative penalty of ten thousand euro (€10,000) on the Company in terms of the Act.

PUBLICATION

This notice is being published as part of the MFSA’s standard enforcement policy and in terms of Article 16(8) of the Malta Financial Services Authority Act.

UPDATE ON 24 JUNE 2024

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.