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ARTICLE · 13 JANUARY 2020

CSB Fintech Ltd Receives The MFSA In-Principle Approval To Act As A VFA Agent

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CSB Fintech Ltd has reached an important milestone by receiving the In-Principle Approval from the MFSA to act as a VFA Agent in terms of Article 7 and 14 of the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta).

MaltaTechnology
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CSB Fintech Ltd has reached an important milestone by receiving the In-Principle Approval from the Malta Financial Services Authority (MFSA) to act as a VFA Agent in terms of Article 7 and 14 of the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta), (the "VFA Act"). In the coming months, the company will be subject to satisfying the final application criteria before becoming one of the first VFA Agents in Malta.

As required by the VFA Act, the VFA agent is required to evaluate the clients' business plans and fitness and properness prior to submitting an application to the MFSA. In addition, the VFA agent is obliged to perform thorough due diligence on clients while supporting the MFSA with providing the necessary information during post-registration supervision. Such criteria have been set with the aim of safeguarding the crypto market's integrity and public interest.

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