Regulatory Alerts2019-09-06
Added · Updated
Circular to Virtual Financial Asset Service Providers
Persons wishing to continue providing Virtual Financial Asset (VFA) Services under the transitory provision of Article 62 of the VFA Act must commence the license application process by 31 October 2019. This process requires submitting a letter of intent detailing the proposed structure, key positions, and a legal opinion, followed by a full application within sixty days of a preliminary meeting. Entities not intending to apply for a license must cease operations and submit a notification with a signed board declaration and confirmation of no client obligations by the same deadline. Failure to meet these requirements may result in regulatory action by the Authority.