The highly anticipated Virtual Financial Assets Act (the “VFA Act”) will come into force on Thursday 1st November 2018, however the regulator has provided certain provisions for the smooth transition and implementation of the VFA Act. Indeed, issuers who have commenced offering Virtual Financial Assets (“VFAs”) to the public in or from Malta or who have applied for admission to trading of VFAs by not earlier than the 18th October 2018, shall register their Whitepaper with the Malta Financial Services Authority (the “MFSA”) within three months from the coming into force of the VFA Act. In a similar vein, any person who is currently providing a VFA service is granted a one-year period to apply to the MFSA in order obtain a licence under the VFA Act.
In order to avail itself of these transitory provisions, any issuer of VFAs or person providing a VFA service shall submit a notification to the Authority by Thursday 1st November 2018.
It is important to note that until the date of registration of the Whitepaper or the obtainment of the VFA Services licence, the persons availing themselves of such provisions shall nonetheless comply with the regulatory requirements provided under the VFA on a best effort basis.
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