What the Whitepaper of an Initial VFA Offering should contain

The Virtual Financial Assets (VFAs) Act lays down the minimum requirements which the Whitepaper shall contain in relation to an Initial VFA Offering. The Whitepaper must comply with these requirements and must be registered with the competent authority. Every Whitepaper must be dated, signed by every person named therein, and must include a statement by the board of administration confirming the compliance status of the Whitepaper.

 

The Whitepaper shall contain, amongst others, the following information:

 

  1. Non-technical summary on the essential elements of the Virtual Financial Asset;

  2. Identification of the persons responsible for the Whitepaper;

  3. Information on the offer to the public;

  4. Details of the issuer;

  5. Details of the issuer’s principal activities;

  6. Details of the Board of administration; and

  7. Details of the issuer’s financial track record.

 

The Whitepaper shall be drafted in English and remains valid for 6 months after its approval by the MFSA. If the ICO relates to VFAs, the Whitepaper should include sufficient information to enable investors to make an informed assessment of:

 

a.   The prospects of the issuer;

b.  The proposed project; and

c.   The features of the Virtual Financial Asset.

 

Please feel free to contact us should you require more detailed information on the requirements of the Whitepaper of an Initial VFA Offering.

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