MFSA’s first ‘gatekeeper’ agents for Virtual Financial Assets registered

The Malta Financial Services Authority has registered its first group of 9 Virtual Financial Assets Agents under the VFA Act.

This group joins 14 which were approved ‘in-principle’ earlier this year.

The financial authority also says that it has also approved 4 more ‘in-principle’ agents this year.

A Virtual Financial Assets Agent is an organisation or individual that protects the public interest and act as a liaison between clients and the MFSA. They are expected to ensure the correct background checks are conducted on clients as well as staying on top of current Anti-Money Laundering law and regulations.

According to the MFSA’s Chief Officer responsible for Strategy, Policy and Innovation, Dr Christopher P. Buttigieg, ‘the role of the VFA Agent under the VFA Act is primarily that of gatekeeper – a first line of defence which ensures that only persons who are fit and proper enter the financial system. The registration of the first batch of VFA Agents is a major milestone in our regulatory journey in this field.’