The Malta Financial Services Authority (“MFSA” or “the Authority”) decided not to grant the Company a licence under the Virtual Financial Assets Act, Chapter 590 of the Laws of Malta (“the VFA Act”), and to impose a Directive on the Company.

Address:

Phoenix Business Centre, The Penthouse,
Old Railway Track,
Santa Venera, SVR9022,
Malta

Business Activity: Applied for a Class 4 Virtual Financial Assets Licence, and operating under the Transitory Provision as per Article 62 of the VFA Act.

BACKGROUND

The MFSA determined that the Company has failed to meet the pre-licensing conditions set out in the In-Principle Approval letter issued by the Authority on 23 December 2020 and the Company is not deemed to be in a position to comply with all applicable regulatory requirements.

REGULATORY ACTION

Further to the Directive issued by the MFSA on 06 December 2021, the MFSA considers that the Company is not in a position to adhere in full to the requirements of Chapter 3 of the Virtual Financial Assets Rulebook (“the Rules”) and therefore on 22 February 2022, the MFSA directed the Company to cease its operations from and within Malta.

It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the period as prescribed by the applicable law.

PUBLICATION

This notice is being published as part of the MFSA’s standard enforcement policy and in terms of Article 41 of the VFA Act and Article 16 of the Malta Financial Services Authority Act.