BDO, through its group company BDO Fintech Advisory Limited, is delighted to be one of the very first entities in Malta to receive 'In Principle' approval as a Virtual Financial Asset (VFA) Agent in terms of Malta’s newly launched VFA regulatory framework. The Malta Financial Services Authority (MFSA) has issued the first wave of provisional appointments and the licencing process is expected to be completed within the coming months when provisional VFA agents are expected to be officially given a full licence to operate as VFA Agents.
The granting of this appointment enables BDO to assist both VFA issuers and VFA service providers in obtaining their licence to operate in a regulated environment. Specifically, a VFA Agent can assist in the setting up of an exchange and to advise investment advisors, OTC brokers, custodians and VFA portfolio managers on the relevant structures, policies and procedures to conduct VFA business in Malta.
Malta has been one of the leading jurisdictions providing for legislative frameworks to spearhead innovation in Distributed Ledger Technology (DLT), Blockchain and Cryptocurrencies.
Mark Attard, Chief Executive Officer at BDO Malta stated “BDO Malta has adopted a first-to-market approach in adding VFA Agent services and the related advisory support to its service portfolio. Our Fintech advisory team has already successfully assisted clients to register their White Papers during and after the Transition Period. We believe that our experience, knowledge and end-to-end service offering uniquely position BDO as a go-to service provider for VFA Issuers, VFA Service Providers and Blockchain companies seeking to grow their business through Malta’s innovative regulatory framework.”
Josef Mercieca, Tax Partner, stated, “Following the introduction of new legislation in Malta regulating the crypto and blockchain space, and now the appointment of VFA Agents, entrepreneurs and technologists can launch their ideas to market with legal certainty, within a well-defined regulatory environment and a respected jurisdiction. The possibility of obtaining licences to conduct crypto or blockchain business is very valuable to any business seeking to grow in an otherwise uncertain market.”
BDO offers full tax advisory services in relation to the trading of cryptocurrencies, legal services for companies seeking to establish a blockchain business in Malta, including the launching of Distributed Ledger Technology (DLT) platforms and any initial coin offerings ancillary thereto.
Forming part of BDO Global, BDO in Malta is a fully-fledged corporate services firm assisting international and Maltese companies in driving their business towards further growth. BDO is represented in 162 countries and territories, with over 80,000 people in over 1,500 offices worldwide. With over 40 years of practice in Malta, BDO has shaped into the leading mid-tier firm. Today, the firm assists clients across a wide range of industries, supported by solid technical expertise, deep market insights and an international business mind-set plugged into the BDO global network.