Start into Crypto Businesses
VFA service providers
This is your official classification in Malta, if you provide such a service, a “Virtual Financial Asset Service” to be exact. A virtual financial asset is the “normal” token or coin which is not a security. And if you want set up a company in Malt to provide a VFA service, then you will need to obtain a license before you start the licensable activity.
The 2nd schedule of the “Virtual Financial Assets Act” (the law) gives us a list of services (THANK YOU!) and those are:
- Reception and Transmission of Orders (intermediary for example)
- Execution of orders on behalf of other persons (brokerfor example)
- Dealing on own account (example: OTC trader with own stock)
- Portfolio Management (the guys that hopefully make more out of your coins)
- Custodian or Nominee Services (wallets)
- Investment Advice (they guys that tell you hopefully the right coins to invest in
- Placing of virtual financial assets (existing coins or token that are “introduced” in or through Malta)
- The operation of a VFA exchange (the biggie in all beautiful colors)
Those services are offered through one of 4 licences (this depends on how you offer one of the 8 service above). Let’s dive into these different licence classes.