Event: One Year On – The Virtual Financial Assets Act in Practice


25 Jun 2019

One year after the Virtual Financial Assets Act received unanimous approval from Parliament and Malta branded itself as the blockchain island, join us for a practical discussion that aims to explain the blockchain revolution and how the new technologies are shaping the business landscape. The seminar will tackle the main virtual financial assets related topics, from VFA Financial Instrument, VFA Issuers and VFA Service Providers to AML, tax and GDPR.

The event is organised by Society Education in collaboration with WH Partners & WH Innovation Ltd. and will take place on Tuesday 16 July 2019, from 09:00 at Intercontinental Malta.


08:40 - 09:00 – Welcome coffee

9.00 - 9.15 – Intro by James Scicluna

9.15 - 10.00 – VFA Financial Instrument Test (Q&A) – Joseph Borg & Kelly Fenech

What is a VFA? How do we classify DLT assets? This session will present an overview of the VFA Financial Instrument Test and the process to assess and classify DLT assets accordingly.

10.00 - 11.00 – VFA Issuers by Tanja Dimitrijevic

Overview of the requirements that VFA issuers must adhere to, initial and ongoing requirements applicable to Initial VFA Offering and admission to trade of VFAs on Exchanges and Whitepaper requirements.

11.00 - 11.15 – Break

11.15 - 12.15 – VFA Service Providers – Joseph Borg & Tanja Dimitrijevic

Overview of the licensing requirements and respective authorisation process and ongoing obligations of the VFA service providers

12.15 - 13.00 – AML Considerations (Q&A) - John Scicluna & Rachel Vella Baldacchino

How will AMLCFT issues affect the operations of VFA service providers?

What are the concerns, if any, for agents, issuers, licence holders and possibly the general public?

Is the potential for criminal use and abuse of VFAs real or overstated?

13.00 - 14.00 – Lunch

14:00 – 15:00 - Cryptocurrencies and Tax (Q&A) - Ramona Azzopardi

An overview of the main features of the income tax, duty and value added tax (VAT) treatment of DLT Assets in Malta

15.00 - 15.45 – GDPR and Blockchain - Patrick Massa

Is Blockchain compatible with GDPR? An overview of the main concerns on the compatibility of blockchain and the GDPR as well as how developers of blockchain platforms and Decentralised apps should adhere to the ‘privacy by design’ principle.

15.45 – Concluding Remarks by Olga Finkel


The conference has been accredited 5.75 hours of structured CPE by the Malta Institute of Accountants (MIA) and categorised as an activity relevant to the attainment of 5 hours Core and 0.75 Professional Development Competencies in terms of the Accountancy Board CPE scheme.