Regulatory Alerts2024-12-30
Added · Updated
Amendments to the Virtual Financial Assets Act in Preparation for MiCA
The Amending Act removes the VFA Agent role from the Virtual Financial Assets Act, transferring associated application and ongoing requirements directly to Virtual Financial Asset Service Providers (VFASPs) and Issuers of VFAs. Transitory provisions allow pending VFA Agent license applications or whitepaper registrations to continue until a decision is issued, but require cessation of services within three months of the Act's effective date or upon decision issuance. Applicants who submitted requests prior to the Act's commencement must notify the competent authority within one month whether to proceed, with failure resulting in presumed withdrawal. Additionally, E-money Tokens and Asset Referenced Tokens are carved out from the definition of Virtual Financial Assets due to their inclusion under the Markets in Crypto-Assets Regulation starting 30 June 2024, and new applicants for VFA services must submit applications by no later than 1 August 2024.