The Malta Financial Services Authority published three documents that make up the key guidelines for VFA Agents, namely the: (i) Chapter 1 of the Virtual Financial Assets Rulebook: Virtual Financial Assets Rules for VFA Agents, (ii) a Glossary of Terms and (iii) a Circular on the Competence Assessment of prospective VFA Agents. It is a crucial set of documents for anyone interested in taking on the role of VFA Agent as it outlines the competence required, both in terms of the traditional financial services framework as well as the regulatory framework developed under the Virtual Financial Assets Act. The latter, together with the due diligence systems and controls in place to enable the prospective VFA Agents to conduct thorough and effective fitness and properness assessments on clients, will impinge heavily on whether an application for registration as VFA Agent is accepted by the MFSA or otherwise.
The MFSA press release can be viewed here.
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