S.L. 590.1 Art. 8Licence Classification.

(1) A person applying for a licence in terms of article

13 of the Act shall be classified at the discretion of the competent authority into one of the four categories which determine the requirements of licence holders as follows:

VFAA Class 1 Licence holders authorised to receive and transmit orders and/ or provide investment advice in relation to one or more virtual financial assets and/ or the placing of virtual financial assets. Class 1 Licence Holders are not authorised to hold or control clients’ assets or money.

VFAA Class 2 Licence holders authorised to provide any VFA service but not to operate a VFA exchange or deal for their own account. Class 2 Licence Holders may hold or control clients’ assets or money in conjunction with the provision of a VFA Service.

VFAA Class 3 Licence holders authorised to provide any VFA service but not to operate a VFA exchange. Class 3 Licence Holders may hold or control clients’ assets or money in conjunction with the provision of a VFA Service. VFAA Class 4 Licence holders authorised to provide any VFA service. Class 4 Licence Holders may hold or control clients’ assets or money in conjunction with the provision of a VFA Service.

(2) The competent authority shall set out in the licence the nature of the activities which particular licence holders may carry out.