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ARTICLE · 12 DECEMBER 2023

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VFA Act Syncs Up With MiCA: Embracing Dynamic Regulatory Alignment

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Following the consultation issued on 18 September 2023 and after receiving extensive feedback from stakeholders regarding both the proposed amendments and the accompanying transition periods...

MaltaFinance and Banking
Joseph F. Borg
Joseph F. Borg
Galyna Podoprikhina
Galyna Podoprikhina
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Following the consultation issued on 18 September 2023 and after receiving extensive feedback from stakeholders regarding both the proposed amendments and the accompanying transition periods, the Malta Financial Services Authority (the "MFSA") has finally unveiled proposed amendments to Chapter 3 of the Virtual Financial Assets ("VFA"s) Rulebook, marking a significant step towards aligning regulations for VFA Service Providers with Title V of the Markets in Crypto-Assets ("MiCA") Regulation.

The revised Chapter 3 of the VFA Rulebook will be implemented in two stages, with the first stage taking effect on 1 January 2024, and the second stage following suit on 1 July 2024. These phased transition periods aim to provide VFA Service Providers with ample time to adapt and comply with the updated regulatory requirements.

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