DWP VFA Agent Ltd. fully accredited by the MFSA

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!”

About Dr. Michael Calleja

Dr. Michael Calle­ja, born on the 07.01.1988, stud­ied law at the Uni­ver­si­ty of Mal­ta from 2006 till 2012. He grad­u­at­ed Bach­e­lor of Laws & Euro­pean Stud­ies in 2009 with a Sec­ond Class Upper Degree and grad­u­at­ed Notary Pub­lic in 2010. He suc­cess­ful­ly defend­ed his the­sis enti­tled: ‘Beyond the Bosman Rul­ing: Con­trac­tu­al Dis­putes in Foot­ball and the Spe­cif­ic Nature of Sport in the Euro­pean Union’ in 2012 and obtained his Doc­tor of Laws (LL.D) accord­ing­ly.

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