The Virtual Financial Assets Act (VFA Act), which should enter into force in the coming days once approved by Parliament, requires an issuer of Virtual Financial Assets (VFAs) to appoint and have in place a VFA agent at all times. Moreover, an application for a licence under the VFA Act shall be made solely through a VFA agent. The VFA agent, who must be authorised by the competent authority to act as such, should serve as a legal watchdog on the issuer to ensure its legal compliance and to act as a liaison between the issuer and the competent authority.
The role of the VFA agent may be summarised to include the following:
Apply for a licence under the VFA Act;
Apply for admission of VFAs on a VFA exchange;
Ensure the issuer of VFAs is compliant with all requirements, obligations and the submission of necessary documentation;
Act as a liaison and disclose any necessary information to the competent authority; and
Act as an independent reviewer of compliance of the issuer.
All authorised VFA agents will be listed in a regularly updated public register which should be available to the general public and accessible online. The application for admission of VFAs on a VFA exchange, and the application for a licence under the VFA Act may only be made by a VFA agent.
We, at Zerafa Advocates, already offer assistance in relation to an issue of VFAs and assistance to VFA service providers and we will obtain authorisation to act as VFA agents as soon as the VFA Act enters into force.
If you would like us to make use of our services and assistance in relation to VFAs, or should you require additional information on the role of the VFA agent, please feel free to contact us.