van Cutsem Wittamer Marnef & Partners​ LEADING GLOBAL NETWORK MACKRELL INTERNATIONAL IN CHAMBERS GUIDE AS FOR EIGHTH YEAR RUNNING.

VFA Agent Services

In Malta’s recent efforts to regulate the field of cryptocurrencies, blockchain and DLT, Malta has enacted three new legislations, one of which is the Virtual Financial Assets Act (VFA Act) which regulates the issuance and the services provided in relation to cryptocurrencies classified as Virtual Financial Assets (VFAs).

The VFA Act requires the registration of the whitepaper with the authority in relation to any issue of VFAs and the submission of the application for a licence to provide services in relation to VFAs to be made through a VFA Agent. The VFA Agent is required if the cryptocurrencies issued or in relation to which the services are provided are VFAs.

A VFA Agent is required to be registered with the MFSA in terms of the VFA Act and may be a person falling under any of the following:

  1. Advocate, accountant or auditor; or

  2. A firm of advocates, accountants or auditors, or corporate services providers;

  3. A legal organisation which is wholly owned and controlled by persons referred to in paragraphs (1) or (2); or

  4. Any other class of persons holding authorisations, qualifications and, or experience deemed by the MFSA as possessing suitable expertise to exercise the functions listed under article 7 and/or article 14 of the VFA Act.

VFA Agent​

For Service Providers​

In terms of article 14 of the VFA Act, an application for a VFA Licence under the VFA Act shall be made solely through a VFA agent which is duly registered in terms of the VFA Act in the form and manner required by MFSA.​

Zerafa.io Ltd has been established and is duly registered by the MFSA as a VFA Agent to assist its clients in submitting an application for a VFA Licence to provide services in relation to VFAs. For more information regarding the services that Zerafa.io Ltd offers, please visit www.zerafa.io.​

For Issuers​

Article 7 of the VFA Act requires any issuer of VFAs in or from within Malta to appoint, and have at all times in place, a VFA agent who shall be registered with the MFSA under the VFA Act. Moreover, article 3 of the VFA Act requires such an issuer of VFAs to draw up and register a whitepaper with the MFSA, which must be endorsed by the VFA Agent confirming its compliance with the VFA Act.

VFA Compliance

By virtue of the rules and regulations issued by the MFSA under the VFA Act, a VFA Agent may, subject to being so proposed by a VFA Licence holder, be appointed as Compliance Officer with the VFA Licence holder for which it had acted as VFA Agent at application stage.

To this end, Zerafa.io Ltd is duly registered by the MFSA as a VFA Agent and is in a position to provide compliance services to VFA Licence holders providing services relating to VFAs.

Please visit www.zerafa.io for more detailed information on the compliance services that are offered.

Key contacts

Founder

Dr. Omar Zerafa

Dr. Zerafa has obtained the degree of Doctor of Laws from the University of Malta, following which he has also graduated from the University of Leicester with a Masters in European Union Law specialising in Commercial Law. 

Prior to establishing Zerafa Advocates, Dr. Zerafa has worked as an associate with one of the leading financial services law firms in Malta where he was also admitted to partnership, responsible for the structuring and licensing of collective investment schemes, investment vehicles, investment services licence holders including asset management companies and financial institutions. Specialist areas of practice include UCITS, non-UCITS retail funds, AIFs, professional investor funds, corporate finance, investment products, listing of collective investment schemes, online forex trading companies, competition law and cross-border mergers. He was instrumental in redomiciling a number of funds into Malta and has successfully licensed several funds, fund managers and a Forex trading platform. He has also handled the application process of one of the first Binary Options trading platforms in Malta and has served as a Director, Compliance Officer and MLRO on a local Investment Management company.

Dr. Zerafa has a Foundation Certificate in Trust Law and Management awarded by the Institute of Financial Services Practitioners and is a member of the Chamber of Advocates, the International Bar Association, the Institute of Financial Services Practitioners and the Financial Services Lawyers Association (UK). 

Associate

Dr. Silvio Vella

Dr. Silvio Vella graduated from the University of Malta with a Bachelor of Laws and a Masters in Advocacy.

In his term paper entitled: “Is the Virtual Financial Assets Act satisfactory in creating a regulatory framework for Initial Virtual Financial Asset Offerings and in providing protection for investors?”, Silvio focused on the regulatory regime provided for ICOs in Malta. Notably, he received the Best Consumer Dissertation Award from the Faculty of Laws for his work on the 12th December 2019.

As an associate, Silvio is primarily focusing on investment services, financial institutions and collective investment schemes.

VIEW ALLVIEW ALL

RELATED NEWS

European Parliament President signs MiCA into law

On the 30th of May 2023, the President of the European Parliament, Dr. Roberta Metsola, along with the Swedish Rural Affairs Minister Peter Kullgren, signed into law the Markets in Crypto Assets Regulation (“MiCA”). This came after the Parliam Read more

The EU Parliament votes in favour of the MiCA Regulation

On the 20th of April 2023, the European Parliament voted on the landmark legislation which will regulate crypto currencies. Originally proposed by the European Commission, the proposed text was agreed upon on October 2022. Now after several rounds Read more

FATF Guidance on Beneficial Ownership of Legal Persons

As part of its revised Recommendation 24 (the “Recommendation”), which was adopted in March 2022, the Financial Action Task Force (“FATF”), mandated that nations should guarantee the access for competent authorities to sufficient, accurate Read more

EU Imposes Stricter Measures on AML/CFT Rules

On the 28th of March 2023, Members of the European Parliament (“MEPs”) from the Economic and Monetary Affairs and Civil Liberties, Justice, and Home Affairs committee approved stricter rules to close existing gaps in anti-money laundering and Read more

ELTIF 2 Published on the Official Journal of the EU

On 20th March 2023, the amendments to Regulation 2015/760 on European Long-Term Investment Funds (“ELTIF 2”) was published on the Official Journal of the European Union (“EU”). This development comes after negotiations, proposals, and voti Read more

VIEW ALL