Regulatory Alerts2018-10-31
Added · Updated
Circular to the Industry on the Transitory Provision under Article 62 of the VFA Act
The Virtual Financial Assets Act comes into force on 1 November 2018, establishing transitory periods for persons providing services under the Act prior to that date. VFA Agents must apply for registration within one month, issuers of Virtual Financial Assets must draw up and register a whitepaper within three months, and VFA Service Providers must apply for a licence within twelve months. Operators must submit a complete Notification Form by 12 November 2018, with erroneous submissions granted a seven-day extension from the date of notification email. Entities operating under these provisions remain unregulated until their registration or licence is obtained.