MFSA Circular on the Consultation Paper on the Financial Instrument Test

In its discussion Paper on ICOs, VCs and Related Service Providers, issued in November 2017, the MFSA proposed the introduction of a Financial Instrument Test (the “Test”). A Consultation Paper on the Financial Instrument Test was published on 13 April 2018. The scope of the Test is to determine whether a Distributed Ledger Technology (“DLT”) asset, is categorised within the ambit of the traditional financial services legislation or the proposed new Virtual Financial Assets Act or outside regulatory capture altogether.

Artio Corporate Services Limited provides compliance and regulatory services to a number of MFSA licence holders and is looking to extend such services to new service providers under the Virtual Financial Assets Act as well.

The MFSA Consultation Paper can be downloaded by accessing this link.

For further information, please contact Adrian Cutajar.