The Malta Monetary Companies Authority (MFSA) has obtained queries from 21 cryptocurrency exchanges in search of licensure beneath the Digital Monetary Belongings (VFA) Act.
21 companies out of 34 potential VFA suppliers are crypto exchanges
In accordance with an official announcement on Nov. 1, the 21 exchanges are among the many 34 potential VFA service suppliers that despatched their letters of intent to the Maltese monetary regulator as a way to purchase a VFA Companies Licence.
The MFSA clarified that, till Oct. 31, crypto suppliers have been working beneath the transitory provisions laid out in Article 62 of the VFA Act. So as to proceed their operations in or from Malta, these companies will likely be now required to use for authorization with the MFSA.
VFA license candidates to fall beneath considered one of 4 classes
In accordance with a report by Finance Magnates, candidates will likely be labeled on the discretion of the MFSA into considered one of 4 classes that outline the necessities of license holders. The regulator can also be planning to implement administrative penalties for compliance violations, the report states.
Within the official announcement, the MFSA stated that it'll quickly be contacting the candidates to schedule a preliminary assembly. As soon as the assembly is held, candidates may have 60 days to submit a full utility again to the authority.
18 VFA brokers registered thus far
In accordance with the announcement, the MFSA has obtained 30 purposes for registration of VFA Brokers, with 18 of them having been registered. The list of the registered brokers is obtainable on the MFSA web site.
The VFA Act is a part of Malta’s blockchain-related laws adopted in July 2018 alongside the Malta Digital Innovation Authority Act and the Modern Technological Association and Companies Act. In September, the MFSA published its strategic plan claiming that it'll actively monitor and handle business-related dangers associated to cryptocurrency companies.
Yesterday, the regulator warned of a brand new Bitcoin (BTC) rip-off scheme dubbed “Bitcoin Future,” noting that it shares the identical options as a beforehand recognized fraudulent entity known as “Bitcoin Revolution.”