The Malta Financial Services Authority (MFSA) has released a Virtual Financial Assets (VFA) Rulebook dedicated to the governance of Issuers of VFAs under the Virtual Financial Assets Act (VFAA).
The MFSA has published the VFA Rulebook. The community’s comments seem not to be as exciting as several financial services operators told the news portal CCN.
Joseph Borg, Partner at WH Partners, said that the implementation of the rulebook is a promising step, but to be implemented it must actually be re-adapted.
“I strongly suggest to stakeholders to participate in this consultation in order to help the MFSA come up with a well-balanced regulatory framework that is robust and attractive at the same time. It is clear that some things published in the rule book need to be polished and, in some cases, toned down.
However, if sensible responses with workable solutions to the consultation paper are received, I am sure that our regulators will take them on board and fine-tune the framework accordingly”, Borg said.
CCN also interviewed Dr. Simon Schembri, Partner at Ganado Advocates Corporate Department regarding the launch of the rulebook:
“The two consultation papers relative to the first two chapters of the ‘Virtual Financial Assets Rulebook’ provide a well-defined framework for what will constitute the eventual two chapters of the Rulebook,” he stated.
“There are some issues which merit further discussion with the regulator, and in fact, as interested parties in this space, we have already provided our feedback for relative amendments and clarifications within the time frame of the conclusion of the first consultation period relative to the first chapter. We are currently reviewing the second consultation paper relative to the second chapter, issued just two days ago and we will provide with our feedback to the regulator in due course.”
Besides, other experts who wanted to remain anonymous expressed their dissatisfaction with the rulebook commenting that it needs to be modified to be truly effective.
According to MFSA, the ‘Virtual Financial Assets Rulebook’ is segmented into three chapters:
Chapter 1: Virtual Financial Assets Rules for VFA Agents
Chapter 2: Virtual Financial Assets Rules for Issuers of Virtual Financial Assets
Chapter 3: Virtual Financial Assets Rules for VFA Service Providers