Cap. 590 Art. 63Further transitory provisions relating to VFA agents. 

(1) Any issuer who, as from the first date of coming into force of the Virtual Financial Assets (Amendment) Act, 2024, shall seek to register a whitepaper in accordance with article 3, shall deliver to the competent authority an application for the registration of a whitepaper, and the appointment and services of a VFA agent shall no longer be required.

(2) Without prejudice to article 64(2), any person who, as from the first date of coming into force of the Virtual Financial Assets

(Amendment) Act, 2024 shall seek to apply for a licence to provide a

VFA service in or from within Malta in accordance with article 14(1), shall submit an application to the competent authority, and such person shall no longer be required to make the application through a VFA agent.

(3) Notwithstanding the provisions of sub-articles (1) and (2), where a VFA agent has submitted an application to the competent authority for the registration of a whitepaper or for the issuance of a licence prior to the first date of coming into force of the Virtual

Financial Assets (Amendment) Act, 2024 and such application has, by such date, not yet been determined by the competent authority in terms of articles 3(4) and 15(1), the VFA agent appointed to provide its services in relation to any such application shall be permitted to continue to offer its services with respect to that application until the competent authority issues a decision in relation thereto:

Provided that the VFA agent shall, in any case, cease to offer its services in relation to such application within three (3) months from the first date of coming into force of the Virtual Financial Assets

(Amendment) Act, 2024 or until the competent authority issues a decision in relation to the said application, whichever is the earlier.

(4) Without prejudice to the provisions of sub-article (3), VFA

agents shall cease to carry on the activities for which they are registered with the competent authority upon the first date of coming into force of the Virtual Financial Assets (Amendment) Act, 2024 and shall, within three (3) months from the said date, submit to the competent authority the VFA Agent Deregistration Form provided for in the rules issued under this Act.