The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of twenty thousand Euro (€20,000) on the Company.

Address:

LV Group Limited Soho Office Space, Punchbowl Centre
Elija Zammit Street
St. Julians STJ3154
Malta

Business Activity: Virtual Financial Assets

BREACHES

The MFSA determined that LV Group Limited acted in breach of Article 13(1) and Article 62(1)(c) of the Virtual Financial Assets Act (Cap 590 of the Laws of Malta (“VFA Act”).

REGULATORY ACTION

On 21 February 2023, the MFSA decided to impose an administrative penalty of twenty thousand Euro (€20,000) on LV Group Limited in terms of Article 41(1) of the VFA Act for the breach of Article 13(1) and Article 62(1)(c) of the VFA Act in view of the Company conducting unauthorised business activity and the failure to apply for authorisation within the transitory period.

PUBLICATION

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

UPDATE ON 5 APRIL 2023

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