Malta: Opened consultation on the Changes to Chapter 3 of the Virtual Financial Assets Rulebook

On 18 September 2023, the Malta Financial Services Authority initiated a consultation on proposed changes to Chapter 3 of the Virtual Financial Assets Rulebook until 29 September 2023. The revisions are in response to the Markets in Crypto-Assets Regulation (MiCAR), which came into effect in June 2023 and is set to be applicable to crypto-asset service providers from 30 December 2024. To ensure the transition for Virtual Financial Assets (VFA) Service Providers, the Malta Financial Services Authority is aligning the VFA Framework with MiCAR ahead of its scheduled application date. As part of this process, it has released a draft updated Chapter 3 specifically addressed to VFA Service Providers.