Practice Areas > Investment Services, Fintech & Capital Markets > Blockchain & ICOs > VFA Services > Class 2
Overview
The enactment of the ‘Virtual Financial Assets’ Act (the ‘VFA Act’) in November 2018 marked Malta’s rise to prominence as a leading blockchain jurisdiction intent on promoting the scalability of distributed ledger technology whilst ensuring a sufficient degree of investor protection and regulatory oversight.
A part of Malta’s cutting-edge trident of blockchain laws, the VFA Act, the Innovative Technology Arrangements & Services Act (‘ITAS Act’) and the Malta Digital Innovation Authority Act (‘MDIA Act’) complement each other in the attainment of a comprehensive technology-neutral blockchain regulatory framework.
A Class 2 VFA Services Licence authorises licence holders to provide any VFA service but not to operate a VFA exchange or deal for their own account. Class 2 Licence Holders may hold or control clients’ assets or money in conjunction with the provision of a VFA Service.
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 Class 2 licence application procedure, including:
- Malta Company incorporation and registration;
- Drafting legal opinions to establish the legal nature of your services and technologies to determine the applicable legal framework;
- Assistance in the collection & preparation of documentation necessary for licence application submission, including business plan, financial projections and internal policies;
- Drafting Maltese-law aligned T&Cs governing the provision of your services;
- Assisting in the identification and appointment of Key Functionaries, including VFA Agent, Systems Auditor or IT Auditor, Money Laundering Reporting Officer (MLRO), Non-Executive Director/s, Auditor, etc.;
- Providing post-registration follow-up assistance, including advising on applicable annual compliance exercises.
- Registration of your trade mark in the Malta trade mark register and the register of the European Union Intellectual Property Office as necessary;
- Providing general legal advice and assistance as required.