t consultation paper mainly seeks public consultation on the detailed regulations proposed under Section 1 of the rule book which attempts to regulate the following issues:
(a) General Scope & High-level Principles of VFA Agents
(b) Registration Requirements of VFA Agents and which includes the registration process, post-registration requirements, voluntarily suspensions, cessation of the business, ongoing obligations
(c) Ongoing obligations for VFA Agents
(d) Enforcement and Sanctions
Lastly, the requirement for the technical rules being proposed by the MFSA is triggered by the legal requirement, in terms of Article 7 of The Virtual Financial Assets Act, that all issuers of virtual financial assets are required to appoint and have at all times in place a VFA Agent which should be registered with the MFSA.
The Virtual Financial Assets Act defines a VFA Agent as a person registered with the competent authority and authorised to carry on the profession of:
(a) Advocate, accountant or auditor; or
(b) A firm of advocates, accountants or auditors, or corporate services providers; or
(c) A legal organisation which is wholly owned and controlled by persons referred to in
(a) or (b) above.
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