Virtual Financial Assets (Amendment) Regulations, 2024

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,266, 14 ta’ Ġunju, 2024 B 819

L.N. 134 of 2024

VIRTUAL FINANCIAL ASSETS ACT

(CAP. 590)

Virtual Financial Assets (Amendment) Regulations, 2024

IN EXERCISE of the powers conferred by article 38 of the

Virtual Financial Assets Act, the Minister responsible for the

regulation of financial services, acting on the advice of the Malta

Financial Services Authority, has made the following regulations: -

(1) The title of these regulations is the Virtual Financial Citation and

Assets (Amendment) Regulations, 2024 and these regulations shall be commencement.

read and construed as one with the Virtual Financial Assets S.L. 590.01.

Regulations, hereinafter referred to as the "principal regulations".

(2) These regulations shall be deemed to have come into force

on 16th April, 2024.

Regulation 7 of the principal regulations shall be Amendment of

regulation 7 of

substituted by the following new regulation

the principal

regulations.

Licence holders shall, upon the submission

"Payment of annual

of the annual audited financial statements, pay to the

competent authority an annual supervisory fee as

established in the Third Column of the Schedule

Provided that the first annual supervisory

fee shall be due immediately once a licence is granted

and, where applicable, shall be equal to a proportion of

the minimum fee. The first annual supervisory fee

payable shall be proportionate to the period remaining

between the date of the granting of the licence and the

established date for the submission of the annual

audited financial statements.".

3. Regulation 9 of the principal regulations shall be Amendment of

regulation 9 of

substituted by the following new regulation

the principal

regulations.

Without prejudice to regulations 7 and 27,

"Non-refundable or

none of the fees established and due in terms of these

regulations shall be refundable, nor shall they be

prorated.".

4. Immediately

after

regulation

of

the

principal Addition of new

regulation to the

principal

regulations.

regulations, there shall be added the following new regulation

Any person who, on the date of the coming

into force of the Virtual Financial Assets (Amendment)

Regulations, 2024 is registered with the competent

authority to exercise the functions of a VFA agent under

articles 7 and, or 14 of the Virtual Financial Assets Act

as applicable prior to 16th April 2024, shall upon the

coming into force of the said Virtual Financial Assets

(Amendment) Regulations, 2024 be entitled to a pro

rata refund of the annual supervisory fee established in

the Third Column of the Schedule.".

€0.09