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MFSA publishes the Financial Instrument Test

25 July 2018

Following a period of public consultation, the MFSA has officially published the Financial Instrument Test and corresponding Guidance Note to the use of this Test.

The Financial Instrument Test is applicable to issuers offering DLT assets to the public in or from within Malta and to persons providing any service and/or performing any activity, within the context of either the VFA act or traditional financial services legislation.

The Test has been produced to assist VFA agents, issuers and licence holders to define whether a DLT asset qualifies as:

  1. Electronic Money
  2. A Financial Instrument
  3. A Virtual Financial Asset
  4. A Virtual Token

The Guidance Note helps users to compile the Financial Instrument Test by providing clarity and consistency in the determination of the appropriate legislative framework applicable to the DLT asset being assessed and the respective services being offered thereto.

More information may be found by clicking on this link.  

BDO in Malta will continue to keep itself updated of local and international developments, in order to be in a prime position to assist clients with any queries which may arise.

If you require any additional information, please do not hesitate to contact us on [email protected].