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Licence Process

The Malta Financial Services Authority (the “MFSA”) is the authority in Malta responsible for issuing the relevant authorisations for Malta-based ICOs. Issuers are required to register a whitepaper, which will then be analysed and determined by the MFSA.

1

Onboarding by Gonzi & Associates, Advocates

First you will be onboarded by the Firm. Following onboarding, our expert lawyers will advise and guide you through the registration process.
2

Financial Instrument Test

The Issuer shall first conduct a 'Financial Instrument Test' to determine that the DLT asset is a Virtual Financial Asset as termed under the VFA Act. When the Whitepaper is submitted for registration, the Issuer must declare that the Financial Instrument Test was prepared in accordance with the VFA Act and the guidelines issued thereunder, that the information provided in the Financial Instrument Test was truthful and complete, and that the Issuer shall undertake the test again if the cryptocurrency's features change during its life cycle. The Financial Instrument Test drawn by the Issuer must be endorsed by the Issuer's VFA Agent.
3

Systems Audit Report

Before submitting an application for registration of a whitepaper, an Issuer must procure a confirmation from its Systems Auditor that the technology used for the purposes of conducting the ICO complies with the qualitative standards set and guidelines issued by the Malta Digital Innovation Authority applicable to the type of technology employed. Once the Financial Instrument Test and the Systems Auditor report are in hand, the Issuer may proceed to drafting its whitepaper.
4

Drafting & Submission of Whitepaper

An issuer intending to offer 'virtual financial assets' to the public in or from within Malta (or apply to their admission to trading on a DLT exchange) must draw a whitepaper which compliance with all legal requirements. Once a whitepaper, duly signed by the Issuer's board of directors has been properly formulated, the VFA Agent may submit it with the MFSA for review. Through the VFA Agent, an Issuer must also submit a copy of the Financial Instrument Test, a copy of the Systems Auditor report, a copy of the Issuer's audited annual accounts for each of the last three financial years, a certified true copy of the Issuer's constitutive documents, and the applicable non-refundable registration fee.
5

ICO & Ancillary Fund Raising

Once a whitepaper is approved and registered by the MFSA, an Issuer may publish and circulate it with the public and may proceed to offer its virtual financial assets to the public.

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How we can help

Gonzi & Associates, Advcocates, has extensive experience in this field and is able to provide specialised assistance to your business at all stages of the Malta ICO licence application procedure, including:

  • Malta Company incorporation and registration
  • Drafting of legal opinions on the legal nature of your cyrptocurrency to determine the applicable legal framework
  • Collection & preparation of documentation necessary for submission of an ICO licence (registration) application
  • Advising and assisting in the drafting of a whitepaper
  • Drafting of ICO offering T&Cs
  • Assisting in the engagement of Key Functionaries, including VFA Agent, Systems Auditors, Money Laundering Reporting Officers (MLROs), director/s, auditors, and so on
  • Guiding through every stage of the whitepaper registration process
  • Providing post-registration follow-up assistance, including advising on applicable annual compliance exercises.

We can assist.

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