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MFSA Issues Consultation on VFA Regulations

Malta is the first country in the world (so far) where a Consultation Paper on the Virtual Financial Assests Regulations is being issued under VFAA (Virtual Financial Assests Act). 

The Regulations are intended to supplement the provisions of the VFAA, providing further guidance to issuers of tokens (particularly those doing an Initial VFA Offering) and offering any services classified as VFA Services under the Act.

 

The Proposed Regulations set out the different licensing categories and VFA Service Licensees Fees that will be possible under the VFAA:

Licence Category

Licensable Activities

Application / Notification Fee

Supervisory Fee

VFAA Class 1

Licence holders authorised to receive and transmit orders and, or provide investment advice in relation to one or more virtual financial assets and, or the placing of virtual financial assets

 €3,000

For revenue up to €50,000 = €2,750

Further tranches of €50,000 up to a maximum of €1,000,000 = €350 per tranche or part thereof

VFAA Class 2

Licence holders authorised to provide any VFA service and to hold or control clients’ money, but not to operate a VFA exchange or deal for their own account

 €5,000

For revenue up to €250,000 = €4,500

Further tranches of €250,000 up to a maximum of €5,000,000 = €400 per tranche or part thereof

VFAA Class 3

Licence holders authorised to provide any VFA service and to hold or control clients’ money, but not to operate a VFA exchange.

 €7,000

For revenue up to €250,000 = €6,000

Further tranches of €250,000 up to a maximum of €50,000,000 = €400 per tranche or part thereof

VFAA Class 4

Licence holders authorised to operate a VFA exchange and to hold or control clients’ money, virtual financial assets and, or private cryptographic keys and custodian or nominee services solely in relation to the operation and activities of such VFA exchange

 €12,000

For revenue up to €1,000,000 = €25,000

Further tranches of €1,000,000 up to a maximum of €100,000,000 = €2,500 per tranche or part thereof

 

Rules on the control of assets

Addional requirements are being proposed when holding and/or controling clients money/assets in order to protect investors by the person/s in possesion on a VFA Service Lisense under the Act or acting under an exemption from the requirement of such a lisense under the Proposed Regulations.

The term “assets” on the other hand refers to movable and immovable property of any kind and excludes financial instruments as defined in the Second Schedule to the Investment Services Act, whether issued in Malta or not.

Administrative penalties and appeals

The proposed Legal Notice establishes that where persons falling with the scope of the Regulations fail to comply with any provision or rules issued thereunder, the MFSA as the competent authority may, by notice in writing and without recourse to a court hearing, impose on such person an administrative penalty and other administrative measures as set out in the VFAA. The authority may in such cases impose an administrative penalty up to €150,000 for each infringement or failure to comply, as the case may be. A right of appeal to the Financial Services Tribunal is also proposed.

Industry participants and interested parties are encouraged to send their feedback to the MFSA by no later than the 20th July 2018.

For more info contact us: This email address is being protected from spambots. You need JavaScript enabled to view it. .

The iGaming Industry is a very dynamic and a fast growing sector in Malta. Retaining experienced professionals will make the process of setting up a business in Malta go much easier and smoother.

Simka Consulting has the right team with iGaming experience since 2003. We can assist individuals and companies from the startup phase and help them grow. 

With our extensive knowledge in the industry and different jurisdictions, we can tailor a package just for you.

Our services are not limited to what you can read below so please contact us if there is something you need and we can help gaming/non gaming related:

Identify your needs:

  • Identify your business potential
  •  Product Integration and development
  • Third party software integration
  • Negotiating the best deal from Third Party suppliers
  • Project Management

Set up your business:

  • Blockchain & Crypto
  • Company Formation
  • Key Official assistance
  • Remote Gaming License in Malta/anywhere else in the world
  • Turnkey Solutions
  • White Label Solution

Start your business:

  • Office setup
  • Recruiting the right personnel
  • Accounting Service assistance
  • Secretary assistance
  • Relocation your business to Malta
  • Fraud Management
  • Hosting

Grow your business:

  • Marketing Research
  • Marketing Budgeting
  • New Markets Expansion
  • Translations
  • Website design
  • Website Content
  • Affiliate Marketing
  • SEO
  • Social Media Marketing

 

Position: Affiliate manager Sweden

Department: Affiliate

Reports to: Affiliate Director

An exciting new Swedish Founded company, at just 2 years old is storming the online mobile gaming industry.

They have the largest and most user-friendly mobile casino in Europe. Their casino for smartphones sets a new standard for what customers can and should expect from their phone.

Position: Junior Graphic Designer

Department: Marketing

Reports to: Chief Commercial Officer

Position: Affiliate Team Leader

Department: Affiliate

Reports to: Affiliate Director

An exciting new Swedish Founded company, at just 2 years old is storming the online mobile gaming industry.

They have the largest and most user-friendly mobile casino in Europe. Their casino for smartphones sets a new standard for what customers can and should expect from their phone.

Position: Finnish CRM Agent

Department: Customer Loyalty

Reports to: Head of Customer Loyalty

 

Position: Data Scientist

What are our client is looking for?

 
Our client is a expanding rapidly and as a result they need to ramp up their ranks. They are relentless in the quest to give their customers a good experience and that includes getting offers, rewards at the correct time together with understanding the community, and what makes them tick. They are now searching for razor-sharp data science talent with goals to do the extraordinary. They are looking for a Data Scientist who is an analytical statistics loving number cruncher who is driven and likes to work with technology, statistics, mathematics and business.

Position: Web Designer

Department: Marketing

Reports to: Chief Commercial Officer

Established in 2010 and licensed in Malta, our client is a young but quickly developing online casino, steadily gaining recognition in the online gambling world.

Although available for PC download,  Our Client - Casino markets itself as “Europe’s greatest and most user-friendly” mobile casino. Unlike many other casinos that add mobile support as an afterthought to keep up with the growing demand, our Client was built from the ground up with mobile and tablet users in mind.

Position: Outbound Call Agent

Department: Outbound

Reports to: Head of Outbound

Established in 2010 and licensed in Malta, our client is a young but quickly developing online casino, steadily gaining recognition in the online gambling world.

Although available for PC download, Our Client - Casino markets itself as “Europe’s greatest and most user-friendly” mobile casino. Unlike many other casinos that add mobile support as an afterthought to keep up with the growing demand, our Client was built from the ground up with mobile and tablet users in mind.

Position: Customer Support Agent Norwegian Speaking

Department: Customer Support

Reports to: Head of Customer Support

Established in 2010 and licensed in Malta, our client is a young but quickly developing online casino, steadily gaining recognition in the online gambling world.

Although available for PC download,  Our Client - Casino markets itself as “Europe’s greatest and most user-friendly” mobile casino. Unlike many other casinos that add mobile support as an afterthought to keep up with the growing demand, our Client was built from the ground up with mobile and tablet users in mind.

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