FAQs on Virtual Financial Assets Framework published

The Malta Financial Services Authority published a set of Frequently Asked Questions on the Virtual Financial Assets Framework on Wednesday.

The Authority said that it had received significant interest on the Virtual Financial Assets Act and the underlying framework regulating activities and services in relation to virtual financial assets.

In a statement, the MFSA also said that it had engaged with the industry during the Delta Summit last week and addressed a number of queries which were raised by those present at the Summit.

The MFSA said that the FAQ document will be updated as the framework develops. One can access the document through the Authority’s website.

The Virtual Financial Assets Act sets out to regulate the field of Initial Virtual Financial Asset Offerings and Virtual Financial Assets. Under the Act, cryptocurrency may be classified as a Virtual Financial Asset (VFA). The Act aims at providing rules which would protect consumers and the industry alike.