Risk-based approach to Supervision or Monitoring of VASPs (Virtual Asset Service Provider)

Risk-based approach to Supervision or Monitoring of VASPs (Virtual Asset Service Provider)

Risk-based approach and what it entails When tack­ling AML/CFT (Anti-Mon­ey Laundering/Countering the Financ­ing of Ter­ror­ism), the risk-based approach aims to build those mea­sures to pre­vent or mit­i­gate that are equal to the ML/TF (Mon­ey Laundering/Terrorist Financ­ing) risks iden­ti­fied by the rel­e­vant coun­tries and oblig­ed enti­ties. When it comes to super­vi­sion,...

The importance of AML compliance

The importance of AML compliance

In the busi­ness world, com­pli­ance is a very impor­tant fac­tor as it is a vital ele­ment that pro­vides cred­i­bil­i­ty to the sec­tor and aids in build­ing trust. Said com­pli­ance is a major func­tion of a com­pa­ny to its stake­hold­ers and when exe­cut­ed prop­er­ly, com­pli­ance forms the basis behind the why...

The Annual General Meeting

The Annual General Meeting

Introduction The Com­pa­nies Act impos­es on every com­pa­ny the oblig­a­tion to hold a gen­er­al meet­ing year­ly, but what does a gen­er­al meet­ing real­ly entail? The gen­er­al meet­ing of a com­pa­ny must be con­duct­ed once every year, hence why it is called the Annu­al Gen­er­al Meet­ing (“AGM”). While a com­pa­ny may...

Things you really need to know about Security Token Offerings (STOs) in Malta

Things you really need to know about Security Token Offerings (STOs) in Malta

Introduction Let’s start off by point­ing out that the term Secu­ri­ty Token Offer­ing — STO is an umbrel­la term and attempt­ing to deci­pher this term can at times be all-but impos­si­ble. STOs give you own­er­ship or part there­of of an asset or of a com­pa­ny. So, what is inher­ent­ly dif­fer­ent...

Reasons why “Classic” Banks do not accept Fintech Companies

Reasons why “Classic” Banks do not accept Fintech Companies

Introduction As many of you may know, a “Clas­sic” bank is the usu­al finan­cial ser­vices provider which offers a whole spec­trum of finan­cial ser­vices, includ­ing but not lim­it­ed to Branch Ser­vices, ATMs, Inter­net Bank­ing, the Issu­ing of VISAs and Cheque Books, amongst oth­ers. The cur­rent sit­u­a­tion with such banks is...

Summary of the MFSA Circular to VFA Service Providers

Summary of the MFSA Circular to VFA Service Providers

The MFSA issued a Cir­cu­lar on 6th Sep­tem­ber 2019 to the VFA Ser­vice Providers. The Cir­cu­lar is regard­ing the licens­ing require­ments. VFA Ser­vice Providers who are oper­at­ing in tran­si­to­ry would need to com­mence the license appli­ca­tion by not lat­er than the already stip­u­lat­ed dead­line, that being on the 31st of...

Essential Duties and Responsibilities of a Director

Essential Duties and Responsibilities of a Director

Introduction As many of you are aware, com­pa­nies are formed and found­ed by share­hold­ers, how­ev­er, this does not mean that the com­pa­ny is man­aged and admin­is­tered by its share­hold­ers. On the con­trary, each com­pa­ny has its offi­cers, each hav­ing dif­fer­ent roles, respon­si­bil­i­ties and pow­ers for the man­age­ment and admin­is­tra­tion of...

Malta as the ‘epicentre’ of security token financing

Malta as the ‘epicentre’ of security token financing

Blockchain Island Mal­ta is known world­wide for the pio­neer­ing role of its gov­ern­ment in DLT tech­nol­o­gy, but also as the loca­tion of cryp­to exchanges such as Binance and OkEX. Now Mal­ta is prepar­ing to present itself as a suit­able domi­cile for secu­ri­ty token financ­ing. These efforts are being dri­ven pri­mar­i­ly...

MDIA Certification

MDIA Certification

Introduction Mal­ta Dig­i­tal Inno­va­tion Author­i­ty (MDIA)? Yes, it’s the go-to author­i­ty to an Inno­v­a­tive Tech­nol­o­gy Arrange­ment cer­ti­fi­ca­tion. MDIA is the main author­i­ty that is respon­si­ble for the pro­mo­tion of Mal­ta as the hub of tech­no­log­i­cal inno­va­tion. It ensures that Mal­ta is com­pli­ant with inter­na­tion­al oblig­a­tions whilst seek­ing to pro­tect users...

Bank Account for a Blockchain Company

Bank Account for a Blockchain Company

Introduction Many of you might have heard about the cur­rent strug­gle that com­pa­nies deal­ing with blockchain and cryp­tocur­ren­cies are faced with when try­ing to open a Bank account. Most of our clients ask whether the process is still the same and what are the main require­ments to ulti­mate­ly have an...