As per an official statement, the Malta Financial Services Authority (MFSA) approved a batch of 14 crypto assets agents who had sought for a licence. According to media reports, about 250 applications were submitted initially and two-thirds of them failed to pass the official assessment process.
28 of the remaining applicants could finally complete the process out of which 14 have been selected. The approval comes five months after the adoption of Virtual Financial Assets Act (VFA) by the Maltese government.
Now, the MFSA has set guidelines for the agents asking them to evaluate the business plans of their customers before submission of application. In addition, the agents are also responsible to ensure that the clients comply with Anti-Money Laundering (AML) and counter-terrorism financing guidelines.
Malta has come up as a favourable destination for crypto-currency and blockchain by taking a number of initiatives like setting up of crypto-currency ATMs and passing laws in Parliament. The Maltese government has asserted that it is committed to make it a ‘blockchain island’.