Cap. 590 Art. 13Licensing and determination requirement.

(1) No person shall provide, or hold itself out as providing, a VFA service in or from within Malta unless such person is in possession of a valid licence granted under this Act by the competent authority:

Provided that, in so far as a determination has not already been made in terms of article 3, a person under this sub-article shall make a determination as to whether a DLT asset in relation to which it provides, or holds itself out as providing, a VFA service falls within the meaning of a virtual financial asset.

(2) The competent authority may by notice in writing to any person determine that -

(a) an activity constitutes a VFA service; or

(b) a DLT asset qualifies as a virtual financial asset, a virtual token, electronic money or a financial instrument, and whether or not issued in Malta; or

(c) a VFA service is provided in or from within Malta; or

(d) an initial VFA offering has been/is being made in or from within Malta:

Provided that the competent authority’s determination shall be subject to any appeal in terms of article 51.