57 firms did not apply for VFA licence

Tista' taqra bil- Malti.

57 firms have not applied to get fully licensed to provide crypto- and blockchain services despite the transitory period allowed by the Malta Services Financial Authority.

In a statement, the financial watchdog issued a warning regarding unlicenced VFA companies saying that despite the transitory period provided for in Article 62 of the Virtual Financial Assets Act which came to an end on 31 October 2019 and gave entities to the possibility to start the process to get officially licensed and continue providing services, 57 such entities have not initiated the process.

Entities were required to submit a Letter of Intent to initiate the application process for a VFA Services Licence or submit a cessation of activities notification in case they did not want to continue providing VFA services.

After the official deadline expired, the financial watchdog became aware of a number of entities which had availed themselves of the transitory provisions and were providing VFA services, but have failed to submit either the Letter of Intent to initiate the application process for a VFA Services Licence or a cessation of activities notification.

The MFSA issued a notice listing the entities that were not licensed nor authorized by the financial watchdog to provide any VFA services or other financial services nor had they initiated the application process to obtain a VFA services licence.

A Bit More Limited HPX Limited
B Hybrid Trade Limited
Babylon Services Limited Hyperwallet Limited
Basetrade Limited J
Bayleaf Limited Jikji Capital Limited
Billions X Trading Limited K
BitRoyal Limited Krypital Group (Malta) Limited
Bitstraq Exchange Limited Kyon Limited
Botwallet Limited L
BKX Exchange Limited Laser Capital Limited
BKX Vault Limited M
Blockchain Exchange Limited Mandala Exchange Limited
BTSE Limited Manticore Ventures Limited
C Muse Service Limited
Cbanx Limited O
Chain Partners (Malta) Co. Ltd. Odin Capital Limited
Coin Temple Trading Limited OK.NET Limited
Consensus Technology Malta Limited OneZero Binary Limited
Crypto2Finance Ltd OTC Desk Limited
DAX Malta Ltd Palladium Exchange
DES CT Exchange Limited S
Digital Terminal Limited SP Outsourcing Sp. Z o. o.
DQR-OTC Limited S-Project
DQR-X Limited SRG Crypto Exchange Limited
Etelaranta (Malta) Limited Thex Trade Company Ltd
Eunex M Ltd. TimeX Limited
Exscudo OU Trendntrade TNT Limited
F Tsalgood Limited
Foresight Technology Limited V
G VBX Limited
GL4 Financial Technologies Limited Venture Miles (Malta) Limited
Globiance Exchange Limited W
Graviex Limited WeX Blockchain Limited
GSOC Limited Won Limited
  Zipmex Global Pte. Ltd.

Consumers of financial services were reminded not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction was being made was authorized to provide such services by the MFSA or another reputable financial services regulator.

Financial regulations oblige licensed entities to comply with strict legal requirements in the interest of investors and the integrity of the market. The activities of unlicensed entities are unregulated, making transactions with such entities risky for investors.

A list of MFSA licensed entities is available and can be viewed on the official website.