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Malta: Application Process for Virtual Financial Asset Service Providers

On January 14, 2020, the Malta Financial Services Authority (MFSA) issued a circular regarding the application process for prospective virtual financial asset (VFA) service providers through VFA agents as defined under the Virtual Financial Assets Act.


Background


In addition to having some of the world’s largest cryptocurrency exchanges, Malta was the first country in the world to create and implement a comprehensive legal and regulatory framework for cryptocurrency and blockchain technology. The Virtual Financial Assets Rulebook, which was introduced in 2019, provides the detailed regulation applicable to operators of VFAs, and comprises the three following chapters:



The Second Schedule of the VFA Act and the circular of September 6, 2019 mandate that all VFA service providers in

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