MFSA Issues Virtual Assets Rulebook

MFSA Issues Virtual Assets Rulebook

max portanier

Aug 21, 2018

New publication will guide regulation of Issuers of VFA’s

The Malta Financial Services Authority has issued a new publication, a Virtual Financial Assets Rulebook. The rule-book will guide the regulation of Issuers of VFAs under the Virtual Financial Assets Act (VFAA).

The general consensus is that the introduction of the rule-book is a positive step in the right direction, although further feedback is needed to help fine-tune the framework.

Joseph Borg, a Partner at WH Partners said “I strongly suggest to stakeholders to participate in this consultation in order to help the MFSA come up with a well-balanced regulatory framework that is robust and attractive at the same time. It is clear that some things published in the rule book need to be polished and, in some cases, toned down. However, if sensible responses with workable solutions to the consultation paper are received, I am sure that our regulators will take them on board and fine-tune the framework accordingly”.

Dr. Simon Schembri, Partner at Ganado Advocates Corporate Department also gave his thoughts on the publication.

“The two consultation papers relative to the first two chapters of the ‘Virtual Financial Assets Rulebook’ provide a well-defined framework for what will constitute the eventual two chapters of the rule-book,” he stated. “There are some issues which merit further discussion with the regulator, and in fact, as interested parties in this space, we have already provided our feedback for relative amendments and clarifications within the time frame of the conclusion of the first consultation period relative to the first chapter. We are currently reviewing the second consultation paper relative to the second chapter, issued just two days ago and we will provide with our feedback to the regulator in due course.”

 

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