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ARTICLE · 26 APRIL 2024

VFA Act Embraces MiCA: 1 August Deadline For New VFASP Applications

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In its continued journey to sync with the Markets in Crypto-Assets ("MiCA") regulation, Malta takes another leap forward with amendments to the Virtual Financial Assets...

MaltaTechnology
Joseph F. Borg
Joseph F. Borg
Galyna Podoprikhina
Galyna Podoprikhina
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In its continued journey to sync with the Markets in Crypto-Assets ("MiCA") regulation, Malta takes another leap forward with amendments to the Virtual Financial Assets ("VFA") Act. These amendments were published on 16 April 2024 by way of ACT No. XIV of 2024, which is titled the Virtual Financial Assets (Amendment) Act, 2024 (the "Amending Act").

The Amending Act addresses the removal of the VFA Agent role and the introduction of MiCA transitory provisions ensuring a smooth transition for market participants and keeping Malta at the forefront of crypto-assets regulations.

Removal of the VFA Agent Role

The Amending Act eliminates the role of the VFA Agent and redistributes the associated requirements directly onto Virtual Financial Asset Service Providers ("VFASP"s) and issuers of VFAs.

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