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, this approach applies to how...
Category: Crypto Currency News
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 that they seem like they...
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 October 2019. The Circular applies...
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 by the Malta Stock Exchange...
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 during the certification of Innovative...
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 operative Bank account. If you...
Dr. Werner & Partner’s VFA Agent to host exclusive crypto-event in Malta!
On the 21st of June 2019, Dr. Werner & Partner will be hosting a formal event at the Palace Hotel in Sliema where the official launch of the VFA Agent company will take place! It promises to be a fantastic evening with a number of key stakeholders, business partners, friends & clients in attendance. The...
Questions and Answers for the Application for Service Provider Licence
Malta has developed a progressive approach towards distributed ledger technologies and cryptocurrencies, to the extent that we have now have a regulated framework. The VFA Act is an innovative legislation which regulates Initial Virtual Financial Assets Offerings and outlines their licensing requirements, entitled The Virtual Financial Assets Act, 2018. Now, if you are a Service...
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....
Regulation of crypto currencies and ICOs — International comparison
Regulation of crypto currencies and ICOs are high on the agenda of governments and financial supervisory authorities across Europe. Hardly any institution is currently not looking into how crypto currencies and innovative forms of financing such as ICOs and STOs should be legally classified or regulated. However, the approaches and views differ widely. Passive, active...