34 prospective VFA service providers put forward their letters of intent to the MFSA, first step to obtain a VFA services license
“The inauguration of the offices is a proof of the government’s proactive stance in providing a robust regulatory framework on DLT bearing valuable fruit and reinforces Malta’s decision in being at the forefront of this industry” – Parliamentary Secretary Schembri
Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri inaugurated the new offices of Dr Werner & Partner, a multidisciplinary firm of attorneys, experts for international compliance and international tax law, accountants, and financial advisors that includes DWP VFA Agent Ltd.
Parliamentary Secretary Silvio Schembri said that Dr Werner & Partner joins other companies, which have recognised that Malta’s regulatory infrastructure and vibrant ecosystem are unparalleled, making our island as the ideal hub for companies to thrive. “The inauguration of these offices proves the government’s proactive stance in providing a robust regulatory framework on DLT bearing valuable fruit and reinforces Malta’s decision in being at the forefront of this industry”.
Silvio Schembri also welcomed aPay Systems’ decision to put forward their intent to acquire a Maltese license. “This complements the recent announcement by the MFSA saying that it has received letters of intent from 34 prospective VFA service providers, 21 of which pertain to crypto-asset exchanges. The letters of intent put forward are the first step of the authorisation process for such applicants to eventually obtain a VFA services licence”.
Parliamentary Secretary Schembri thanked Dr Werner & Partner as well as aPay Systems for not only demonstrating their confidence in Malta but the changes the government is affecting within this sector which are ultimately proving a secure ambience for the industry to operate within as well as enabling valuable economic growth for our country.
“Malta took the risk to regulate the unregulated, we happily joined in from day one and became one of the first VFA agents to obtain the licence. We greatly benefitted from that risk and I think I have the unique chance now to thank Parliamentary Secretary Schembri personally for assuming that risk for Malta and us”, said Mr Philipp Sauerborn, CEO of aPay Systems, a blockchain-based company focusing on transactions.
Mr Sauerborn added that the Maltese framework is doing the ideologists favour by trying to regulate crypto companies on eye side with traditional financial service providers. Maybe not perfect in every detail of execution, but the only way forward generally.
“Regulation is the engine for mass adoption, and Malta is the carburettor of that engine. Malta is the ideal home for the aPay group of companies. For innovative blockchain-based financial services, all roads lead to Malta, and aPay has established a significant physical presence on the widest of those roads”, said Philipp Sauerborn.
‘As VFA agents we help foreign companies to be established in Malta and obtain their license here by the VFA laws and regulations. Malta did recognise very early that digital currencies and the blockchain itself could change the world. For this reason, we promote Malta to our existing and prospective clients as the island of opportunities’ said Dr Jorg Werner, and Co-Founder of the law firm network Dr Werner & Partner, which is set to grow its team from 35 employees to 50 within the coming year.