Regulatory Alerts2023-12-07
Added · Updated
Circular to VFA Service Providers on Updates to Chapter 3 of the VFA Rulebook
The MFSA publishes the new version of Chapter 3 of the Virtual Financial Assets Rulebook, aligning requirements for VFA Service Providers with Title V of the Markets in Crypto-Assets Regulation. The amendments apply in two stages: Stage 1 provisions regarding systems audits, IT audits, prudential requirements, reporting, conduct of business, and client categorization become applicable on 1 January 2024. Stage 2 provisions concerning outsourcing, orderly wind-down plans, supplementary conditions for specific services, and additional conduct of business requirements become applicable on 1 July 2024. The Authority will issue an updated VFASP Return for submission at the end of Q1 and will commence outreach with providers regarding MiCA preparedness.
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