Obtain your Virtual Financial Assets (VFA) License in a premier EU jurisdiction. Malta offers a comprehensive regulatory framework for crypto exchanges and wallet providers.
Get a ConsultationMalta was the first European state to enact national legislation on cryptocurrency, attracting to the island the globe’s largest cryptocurrency exchanges.
Malta has enacted a regime to regulate different types of virtual financial assets (VFA) and virtual financial asset services (better known as VFA services). Three laws govern cryptocurrency companies:
As stipulated by VFAA, no organization is allowed to offer VFA services in or outside Malta without a licence from the Malta Financial Services Authority (MFSA).
Select the license class or type that matches your business model. Regulatory requirements and permitted activities vary by tier.
PACKAGE «Company & MiCA license application in Malta» INCLUDES:
Timeframe: up to 9 months
Legal Services for Crypto Projects — 1,500 EUR
Malta has a strongly progressive approach to cryptocurrency, positioning itself as the world leader in the regulation of cryptocurrencies. Regardless of the fact that cryptocurrencies are not a legal tender in Malta, the government appoints it as a «means of exchange, unit of account or savings». Adding to the existing POD/FT legislation, the Government of Malta was the first to apply three Digital Assets Acts (MDIA, ITAS and VFA), as well as blockchain legislation. Malta’s cryptocurrency regulation does not include specific tax legislation, and currently VAT does not apply to transactions for exchange of fiat currency to cryptocurrency.
The exchange of cryptocurrency is legal in Malta. In 2018, the Maltese government passed landmark legislation defining a new regulatory framework for cryptocurrencies hence solving problems related to POD/FT. Malta regulation includes several accounts of cryptocurrency including the Virtual Financial Assets Act (VFA), which sets a global precedent by setting a regulatory regime applicable to cryptocurrency exchange, ICOs, brokers, wallet suppliers, consultants, and asset managers.
VFA (from November 2018) came with the Law on Innovative Technologies and Services, setting up a regime for future registration and reporting of crypto service providers. Malta also saw the establishment of its Digital Innovation Authority. MDIA is the government entity in charge of developing cryptocurrency policy, collaborating with other nations and entities, and ensuring ethical standards for using cryptocurrency and blockchain technologies.
The VFA Act regulates virtual financial assets, including ICOs, and those entities involved in activities related to them, specifically: virtual asset exchanges, investment advisers, purse-purse providers, brokers, and portfolio managers. Malta has introduced a financial instrument test to be carried out by anyone planning to launch an ICO in Malta or from Malta, aiming to determine the nature of the asset being created and the relevant law applicable to the ICO and the token itself.
Therefore, in Malta, the issuer of the ICO has to appoint permanently a VFA agent approved by the MFSA. Lawyers, accountants, and corporate service providers may apply for approval as a VFA agent. The VFA agent shall be responsible for advising and directing the issuer in respect of its responsibilities and obligations under the VFA Act and relevant rules and regulations.
The VFA Act stipulates the requirements for advertisements, in relation to an initial VFA proposal or VFA admission.
“Any advertisement must be clearly identified as such and the information contained therein must be accurate and not misleading. It also has to be consistent with the information contained in an official document. It has to announce that an official document has been or shall issue and has to include the address and time when copies will be or will be available to the public”.
VFA Service Providers: The provision of VFA services in Malta or from Malta requires such providers to be licensed by the MFSA. Examples of VFA services include portfolio management, nominal custodian services, investment advice on virtual financial assets, virtual placing of financial assets, VFA exchange management, order reception and transfer related to virtual financial assets, and execution of orders and transactions with them.
| Period for consideration | up to 9 months | Annual fee for supervision | 50,000 € |
| State fee for application | 24,000 € | Local staff member | At least 3 |
| Required share capital | up to 730,000 € | Physical office | Required |
| Corporate income tax | 35% | Accounting audit | Required |
An organization that intends to apply for a VFA license is under obligation to do so through the appointment of a registered VFA agent. The MFSA shall have the right to issue or withhold the issue of a license that may either be general in nature or limited in nature as regards to the provision of certain services to the VFA.
The VFA Act lays down conduct standards on the holders of a license, whereby they shall act fairly and with professionalism; comply with the VFA Act and any rules and regulations related to it; and have fiduciary obligations to their customers. Licensees shall keep all access systems and protocols secure at a high standard.
The VFA Act renders insider trading, market manipulation and the unlawful disclosure of inside information in respect to virtual financial assets permitted to be traded on VFA whether done in or outside Malta subject to criminal offense.
The licensee will be obliged to appoint an auditor who is obliged to report to the MFSA any fact or decision that may result in a serious disclaimer or denial in the audit report of the accounts of the licensee, or that may constitute a material breach of applicable legislative or regulatory requirements or limit the capability of the licensee to continue to operate.
Also, lawyers from Regulated United Europe provide legal support for crypto projects and help with adaptation to MICA regulations.
Malta is known as the “Blockchain Island” because it was one of the first countries to establish a solid regulatory framework for crypto companies. The article below is a step-by-step guide that explains how to get a crypto exchange license in Malta, comprising both the process and prices of establishing a licensed crypto operation in this lively regulative environment.
Over the past decade, Malta has emerged as one of the world’s main innovative fintech hubs, adopting a truly forward-thinking approach toward its regulation. The respective legal framework is devised to support an extensive range of fintech services, such as cryptocurrencies and blockchain applications.
Starting from 30 December 2025, MiCA would begin to apply directly in all EU Member States with common standards for the cryptoasset market throughout the Union. Malta has already brought its legislative framework in line with MiCA, especially with the recent amendments that came into effect in the VFA Act.
The amendments to the VFA Act included references to new categories of assets, specifically the ‘asset-linked token’ and ‘electronic money token’, in line with definitions and standards contained in the MiCA Regulations.
Appoint a VFA Agent and prepare the Business Plan, AML policies, and Financial projections.
Submit the application to the MFSA via the VFA Agent and pay the initial filing fee (€24,000).
MFSA reviews the application. Upon "In Principle Approval", deposit the share capital (€730,000).
Complete the Systems Audit by an MDIA-approved auditor.
MFSA issues the VFA License. Operation begins.