The VFA services are classified in four classes of licence:

Classes		1	2	3	4
Services	Reception and Transmission of Orders
	Investment Advice
	Placing of Virtual Financial Assets
	Execution of Orders on Behalf of Other Persons
	Portfolio Management
	Custodian and Nominee Services
	Dealing of Own Account
	Operation a VFA Exchange
	Minimum Share Capital	€50,000 or €25,000 + PII	€125,000	€730,000

Requirements to file an application to obtain a VFA Service Provider Licence

The main requirements to file an application and obtain a VFA Service Provider licence are the following:

• Substance in Malta – The applicant must be a legal entity constituted under Maltese Law and must have physical presence in Malta.
• VFA Agent – A licensed VFA Agent must be appointed by the applicant who will file the application with the MFSA and act as liaison between the applicant and the MFSA.
• Fitness and Properness Assessment – A number of individuals involved in the structure including designated persons, directors, senior management, qualifying shareholders and ultimate beneficial owners have to undertake a fitness and properness assessment.
• Financial Instrument Test – The applicant must undertake, a Financial Instrument Test (FIT) to ensure that the DLT asset in relation to which the applicant will be providing the VFA Service falls within the meaning of a virtual financial asset as per the VFAA.
• Appointed Parties – The board of administrators / directors must effectively be directed by at least two individuals. The applicant needs also to appoint a compliance officer, a money laundering reporting officer, a Systems Auditor or an IT Auditor as necessary, and in certain instances a Risk Manager as well.