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MFSA launches Consultation Process covering Chapter 2 of the VFA Rulebook

Investment Funds & Asset Management

MFSA launches Consultation Process covering Chapter 2 of the VFA Rulebook

by Ganado Advocates

3rd January 2024

The Malta Financial Services Authority (“MFSA”) has kept the momentum going ahead of the implementation of the Markets in Crypto-Asses Regulation (“MiCA”). We expect MiCA to have a significant impact on the EU/ EEA market in relation to crypto-assets.

On 19 December 2024, the MFSA issued a consultation process covering proposed updates to Chapter 2 of the VFA Rulebook. The objective is principally:

to remove the references to the role of the VFA Agent once the necessary legal changes to the Virtual Financial Assets Act (Chapter 590, Laws of Malta) have been published; and
to remove the various requirements in relation to the Systems Auditor and include provisions for issuers to include information on any technology audits within the whitepaper in line with MiCA.

The public offering and/or admission to trading of crypto-assets are bound by a sophisticated regulatory framework under MiCA. The provisions of MiCA will generally apply from 30 December 2024, except Titles III (Asset-Referenced Tokens) and IV (E-Money Tokens) which will apply from 30 June 2023.

The MFSA has invited stakeholders to provide feedback in relation to the proposed updates to Chapter 2 of the VFA Rulebook by Friday 19 January 2024.

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