VFA Agent, a multiskilled regulated consultant

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The Virtual Financial Assets Act (VFA Act), which should enter into force any time now, requires an issuer of Virtual Financial Assets to appoint a VFA Agent at all times.

A VFA Agent is a person registered with the competent authority, namely the Malta Financial Services Authority under the VFA Act and authorised to carry on the profession of advocate, accountant or auditor, or a firm of advocates, accountants or auditors, whether in Malta or in another recognised jurisdiction, or any other class of persons holding authorisations, qualifications and, or experience deemed by the competent authority as possessing suitable expertise to exercise the functions listed in the Act.

Moreover, an application for a licence under the VFA Act shall be made solely through a VFA Agent. The VFA Agent, who must be authorised by the competent authority to act as such, should serve as a legal watchdog on the issuer to ensure its legal compliance and to act as a liaison between the issuer and the competent authority.

An issuer is required to appoint, and have at all times in place, a VFA Agent who shall be registered with the competent authority under this Act.

The VFA Agent must be independent from the issuer and shall provide a confirmation in writing of its independence. Its principal role is to ensure that the issuer has satisfied all requirements as prescribed in the provisions of this Act. Furthermore, the VFA Agent shall advise and guide the issuer as to its responsibilities and obligations to ensure compliance with the provisions of this Act and of any Rules or regulations issued thereunder.

The role of the VFA Agent may also include the following:

  • advise and guide the issuer on all matters relating to the admission of the issuer’s virtual financial assets to trading on a DLT exchange and submit all related documentation and information.
  • disclose to the competent authority without delay any information or explanations that are reasonably required for the purpose of verifying any information, when considering an application for registration of a whitepaper.
  • act as liaison between the issuer and the competent authority on all matters arising in connection with the registration of the whitepaper or the trading of the issuer’s virtual financial assets on a DLT exchange.
  • submit a certificate of compliance on behalf of the issuer on an annual basis.
  • comply with any other conditions as the competent authority may require or as may be prescribed.

 

The VFA Agent shall be required to be satisfied that the applicant is a fit and proper person to provide the VFA services concerned and will comply the requirements of the Act.

All authorised VFA Agents will be listed in a public register which will be accessible online and available to the general public.

Last but not least, the VFA Agent will deal with the Malta Financial Services Authority in an open and co-operative manner, deal promptly with all enquiries that the authority raises and disclose in a timely manner any material information relating to itself or the issuer of which it has knowledge which concerns non-compliance with any of the provisions of the Act or of any regulations or rules issued thereunder.

VFAHub will be applying to register as a VFA Agent. If you are interested in our services or require any further information, click here to contact us or send an email to info@vfahub.com

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