Regulatory Round-Up: Examining Recent Updates In Respect Of MiCAR

Maltese Parliament debating amendments to the VFA Act

Bill No. 88, Virtual Financial Assets (Amendment) Bill (the “Bill”) is one of the next pending items on the Parliament of Malta's agenda. The main object and rationale behind this Bill, which will shortly move to the second reading stage in Parliament, is to amend the Virtual Financial Assets Act (Chapter 590 of the laws of Malta ), by aligning the national regulatory framework with the new Markets in Crypto Assets Regulation (Regulation 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in cryptoassets or “MiCAR”). The major changes are namely in relation to removal the role of the VFA Agent from the VFA Framework, which function will become redundant within the context of MiCAR.