Cap. 590 Art. 3Initial VFA offerings and admission to trading on VFA exchange to be made with a registered whitepaper. 

(1) No issuer shall offer a virtual financial asset to the public in or from within Malta or shall apply for a virtual financial asset’s admission to trading on a DLT exchange unless such issuer draws up a whitepaper which -

(a) complies with the requirements of article 4; and

(b) is registered in accordance with sub-article (2):

Provided that where a DLT asset is determined by the issuer to be a financial instrument or electronic money, the issuer shall be required to comply with the respective applicable laws in lieu of the provisions of this Act.

(2) No whitepaper shall be issued or published in terms of article 9(2) unless, ten working days before the date of its circulation in any way whatsoever, a copy thereof, signed by every person named therein as a member of the issuer’s board of administration or their agent authorised in writing has been delivered to the competent authority.

(3) Repealed by Act XIV.2024.3.

(4) Upon being satisfied that the requirements of article 4(1) have been complied with, the competent authority shall register the whitepaper.

(5) Where the applicant is constituted in a recognised jurisdiction, he shall abide with any local presence requirements as may be prescribed or provided for in rules issued under this Act.