Virtual Financial Assets Act
Also known as: Virtual Financial Assets Act (Chapter 590)
Overview
Key Details
Jurisdiction
MaltaRegulator
Malta Financial Services Authority
Law Type
Act
Status
RepealedOfficial Law Number
Chapter 590; Act XXX of 2018
Official Title
Virtual Financial Assets Act
Effective Date
November 1, 2018
Publication Date
July 20, 2018
Last Verified
August 26, 2026
Topics Covered
Who This Law Applies To
Key Requirements
Chapter 590 was Malta's original bespoke crypto-asset framework. It classified certain DLT assets as virtual financial assets, required white papers and registered VFA agents for offerings, licensed VFA service providers and created conduct, governance, disclosure, advertising and market-abuse rules under MFSA supervision. The official legislation now marks the Act not in force and repealed on 3 July 2026 by Act XXXVI of 2024. Current activity must be assessed under MiCA and Malta's implementing framework, not this repealed Act.
Key Provisions
Historical financial-instrument test; white-paper registration; VFA agent role; licensing of exchange, dealing, portfolio, custody and related services; conduct and governance duties; marketing controls; market-abuse offences; MFSA supervision and sanctions.
Licensing & Registration
Historical only: firms within the VFA perimeter required MFSA licensing and issuers used a registered VFA agent. New/current applications must follow MiCA and applicable Maltese implementation rules.
AML / CFT
Historical VFA licensees were subject to Malta's AML/CFT framework and FIAU supervision; current obligations continue under the post-repeal legal framework.
Custody & Safeguarding
The repealed Act and rules imposed safeguarding, systems and control duties on custodial and service providers; current MiCA obligations supersede the old regime.
Disclosure & Marketing
Required registered white papers and controlled VFA advertising and promotional communications; these are historical requirements after repeal.
Market Integrity & Enforcement
The MFSA held licensing, supervisory, investigative and sanctioning powers. Current enforcement follows MiCA and Maltese implementing legislation.
Tax Treatment
The Act did not itself provide a complete tax code; Malta's tax guidance and general tax law apply based on token classification and transaction facts.
Official Sources
Related Laws
Decision No. E/35/2023 — VASP Registration and AML/CFT Instructions
Decision No. E/35/2023 on Virtual Asset Service Provider Registration, Cancellation of Registration and AML/CFT Instructions
Oman's FSA Decision No. E/35/2023 requires registration with the Oman Financial Services Authority (formerly Capital Market Authority) before carrying on covered virtual-asset activities in the Sultanate of Oman. It implements AML/CFT, governance and compliance requirements, and provides registration, cancellation and supervisory procedures. This is a VASP registration/AML regime and should be distinguished from any future full licensing framework.
BCB Resolutions No. 519, 520 and 521 of 2025 — Virtual Asset Regulatory Framework
Resoluções BCB nos. 519, 520 e 521, de 10 de novembro de 2025
Brazil's Central Bank (BCB) Resolutions No. 519, 520 and 521 of 10 November 2025 implement the virtual-asset regulatory framework under the supervision of the Central Bank. Resolution 519 establishes VASP authorisation procedures; Resolution 520 sets activity, governance, controls, security and conduct requirements; Resolution 521 integrates specified virtual-asset operations into Brazil's foreign-exchange and international-capital rules. Commencement is staged during 2026 — verify the effective date for each resolution separately.
Utility Token Offering Act, 2018 (Act No. 4/2018)
Utility Token Offering Act, 2018 (Act No. 4 of 2018)
Anguilla's Utility Token Offering Act 2018 (Act No. 4/2018) is one of the world's earliest purpose-built utility-token offering frameworks. It creates registration requirements for utility-token issuers, sets offering, disclosure and issuer-qualification conditions, and works with AML regulations and later amendments. Verify the most recent consolidation — a 2020 amendment may affect the effective/status fields.
Financial Market Digitalisation Act (Finanzmarktdigitalisierungsgesetz — FinmadiG)
Gesetz zur Digitalisierung des Finanzmarktes (Finanzmarktdigitalisierungsgesetz — FinmadiG)
Germany's Financial Market Digitalisation Act (FinmadiG) aligns German financial-market law with MiCA and DORA, establishes national supervisory powers and enforcement mechanisms for BaFin, and addresses the transition from existing German crypto-custody regulation. It applies to German financial entities, CASPs and other firms affected by MiCA/DORA national implementation.
UAE Cabinet Resolution No. 111 of 2022 Regulating Virtual Assets and Their Service Providers
Cabinet Resolution No. (111) of 2022 Regulating Virtual Assets and Their Service Providers
UAE Cabinet Resolution No. 111 of 2022 creates a federal regulatory perimeter for virtual assets and virtual-asset service providers across the UAE, subject to exclusions and coordination with local and free-zone authorities including VARA (Dubai), ADGM and DIFC. It allocates licensing and supervisory roles between federal (SCA) and local authorities and establishes authorisation and compliance foundations. It does not replace or supersede the VARA, ADGM or DIFC regimes.
Virtual Asset (Service Providers) Act, 2020 — 2024 Revision and Phase Two Licensing
Virtual Asset (Service Providers) Act (2024 Revision)
The Cayman Islands Virtual Asset (Service Providers) Act 2020, as revised in 2024, creates registration and supervisory requirements for virtual-asset service providers operating in or from the Cayman Islands. Phase Two, effective 1 April 2025, introduces full licensing requirements for custody and virtual-asset trading platforms. The canonical profile covers the Act with the linked 2024 amendment and 2025 commencement order.
