On the 13th of May 2019, DWP VFA Agent Ltd. was formally granted a license to provide the services of a VFA Agent in terms of Articles 7 and 14 of the Virtual Financial Assets Act (Cap. 590 of the Laws of Malta).
The accreditation was a culmination of months of hard work by Dr. Werner & Partner’s Compliance Team to ensure that all the formalities requested by the MFSA were adhered to.
The firm has been at the forefront of Cryptocurrency and Blockchain-related projects on the island since 2016. Throughout this period, the firm has also endeavoured to recruit enthusiastic individuals with a passion to delve deeper into the world of RegTech and Fintech.
Apart from advising a number of prospective clients throughout 2017 & 2018 with regards to the setting up of an ICO and/or Crypto Exchange, Dr. Werner & Partner also actively participated in Crypto-related endeavours with the following partners/companies: aBey, AI Crypto, apay, Accounting Blockchain, Aryia, bitcoin.de, Bitdepositary, bitmalta, Blackmoon, block.one, Blockoville, blotocol, BrokerBabe, Cannabists, Chain Partners, coinstockx, Coinygram, Cryptology Asset Group, EthBits, Fulmo, GambeJoe, Hyperion, Justlin, Knoks, KIC, msales, MundoGamer Network, luxury coin, Forest Coin, Oddspill, nextmarkets, netroxx, Super7+, Thema, TueCon, TueThink, U-Save, Wex & ZebPay.
In 2019, members of Dr. Werner & Partner’s Team sat for the mandatory VFA Agent Exam [by the Malta Institute of Management] and the Designated Persons subsequently also passed the MFSA’s Oral Assessment. DWP VFA Agent Ltd. is currently managed by a Board of Directors composed of three persons [one of whom is also acting as the Company’s MLRO].
As CEO of the VFA Agent, Mr. Philipp Sauerborn highlighted the significance of this license grant by stating: ”We have been laughed at and still are by many, for the strictness and rigidity of the VFA Act and its subsequent Regulations. They have been branded as: too tough, too expensive & too burdensome. In some ways, I do agree that there is strict regulation. After all, our own licensing process was a ‘pain in the ass’ as well. However, one should also ask why licence holders from the so-called “easier” countries are now coming to Malta.
This is because of the strictness and ‘legal certainty’ of the VFA-regime offered on ‘Blockchain Island’. As from a certain size, from a certain eye-level, you are playing with the big boys who are themselves also regulated. And surely they will not trust anything less than a Regulation as strict as the Maltese one. Therefore, it is stupid to ask for a ‘relaxed’ form of regulation or be happy about light regulation, when in fact you should be asking & begging for even more regulation.
That’s the reason why Malta will outperform all the other crypto regulations throughout the world sooner rather than later. Also, don’t forget that we still have one of the best EU tax regimes for companies on top of that!”
- DWP VFA Agent Ltd. fully accredited by the MFSA - 17. May 2019
- Setting up a Crypto Exchange in Malta - 30. April 2019
- First Experience with Blockchain Law in Malta - 26. February 2019
- Strict Application Process: Why you can trust your VFA Agent - 19. February 2019
- Malta Blockchain Summit proves to be a major success! - 5. November 2018
- The Financial Instrument Test: A brief analysis. - 12. September 2018
- Malta and its role in the Blockchain/Cryptocurrency Revolution - 26. July 2018
- The Role of the VFA Agent (Malta). - 22. June 2018
- Three Bills Published aimed at Regulating the Blockchain and Cryptocurrency Sector. - 31. May 2018
- An Analysis of Virtual Currencies in terms of the Proposed ‘Fifth Money Laundering Directive’. - 17. May 2018