A consultation document on the Regulations to supplement the Virtual Financial Assets Act came out on the 4th of July 2018. The Rules will supplement the high level provisions set out in the Act.
The Malta Financial Services Authority (the ‘MFSA’) has published a consultation paper which outlines the draft Virtual Financial Asset regulations (the ‘Regulations’) to be issued under the Virtual Financial Assets Act (the ‘VFAA’).
The Consultation Paper
The proposed Regulations seek to provide more clarity with respect to exemptions; fees; control of assets; and administrative penalties and appeals.
The consultation paper can be found here.
Looking to set up in Malta?
At Chetcuti Cauchi Advocates, our Fintech specialists have been one of the pioneers following the developments in the industry and penning consultation documents which were requested by the Government as it sought to understand the best way to regulate this industry. This has given us significant insights and positioned us at as one of the top law firms for enterprises seeking to:
- Set up an ICO in Malta
- Set up a Cryptocurrency Exchange in Malta
- Set up a Cryptocurrency Fund in Malta
Our multi-disciplinary nature as a firm allows us to work closely with various departments in the firm, including our Corporate, Intellectual Property, Gaming and Tax departments in order to help clients set up their physical presence in Malta and become compliant with the new Acts. Our lawyers and financial services specialists at Chetcuti Cauchi Advocates provide bespoke solutions to clients by combining the traditional legal fabric with new technologies. Our Fintech Practice strives to assist clients in this burgeoning and evolving sector of law, which is set to reshape the financial services sector as we know it.
If you would like more information as to how the Financial Instruments Test may impact your business once you set up in Malta, or are interested in the setting up of a DLT company, an ICO, a cryptocurrency exchange, or alternatively, would like to set up a Crypto Fund in Malta, we welcome you to get in touch with our specialists.
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