Regulatory Alerts2019-12-10
Added · Updated
Circular to Virtual Financial Asset Service Providers in relation to Amendments to Chapter 3 of the Virtual Financial Assets Rulebook
The Malta Financial Services Authority amends Chapter 3 of the Virtual Financial Assets Rulebook to adopt a more principles-based approach for Virtual Financial Asset Service Providers. From 1 February 2020, entities interacting with Innovative Technology Arrangements must appoint a Systems Auditor registered with the Malta Digital Innovation Authority, while others must conduct an IT Audit. The circular removes prescriptive requirements regarding live replication servers, fitness and properness assessments for certain roles, cybersecurity framework specifics, and various notification obligations, replacing them with broader compliance standards and updated reporting timelines.