The Malta Financial Services Authority
(the “MFSA”) has issued a Circular to Issuers of Virtual Financial
Assets (the “Circular”), as well as a circular with a general update of
the Virtual Financial Assets (“VFA”) Framework, which serve as an
addition to the circular issued to issuers of VFAs dated 24th December 2018.

The Circular expands upon the necessary steps which need to be undertaken for the registration of Whitepapers by persons pursuing an activity in terms of Article 3 of the Virtual Financial Assets Act (the “Act”). In particular, the Circular applies to:

1. those availing themselves of the transitory period; an

2. those falling within the scope of the exemption under Regulation 3 of the Virtual Financial Assets Regulations but will continue their offering after the 31st January 2019.


The aforementioned, are required to draw up a Whitepaper and register it with the MFSA by no later than 31st January 2019. The Circular provides an update with respect to the launch of the Online Registration Form for Whitepapers 

(the “Form”) under the Act, which is made available through the MFSA’s website. The online Form must be completed by the respective VFA Agent appointed by the Issuer.

The Circular explains that the online Form is divided into two distinct stages. However, for the time being, the online Form available and required to be completed by the VFA Agents, is only Stage One. This comprises of the following parts:

  1. details about the entity;
  2. details about the VFA and the Whitepaper; and
  3. a fees and declaration part.

Further to the above, the VFA Agent shall submit other documents as stipulated within the Form itself. More guidance on the online Form is being expected to be issued by the MFSA.

Lastly, the MFSA has also included within this Circular, a statement that the final version of the Financial Instrument Test is now readily available as well as a note on systems auditors.

For further information and assistance on the registration of whitepapers please contact Dr. Franklin Cachia on [email protected] and Dr. Caroline Grech on [email protected]