Malta is one of the first countries to have enacted a framework for the regulation of crypto assets. This paper examines the Maltese initiative and compares this framework with developments in other jurisdictions, particularly France, which is the only EU Member State other than Malta, to have a sui generis framework for the sector. It also examines in detail the regime applicable to VFA Agents, which have a critical role in ensuring that only operators that are fit and proper get access to Malta’s financial system, thus acting as a first line of defence against the abuse of the system. The paper outlines how, through checks on an applicant for registration as a VFA Agent’s governance, business model, level of competence and systems and controls, the MFSA is ensuring that registered agents can perform as the Authority’s extended supervisory arm, thereby strengthening the level of monitoring in this field.

中文翻译：

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对 VFA 框架的批判性检查——VFA 代理及其他

马耳他是最早制定加密资产监管框架的国家之一。本文研究了马耳他倡议，并将该框架与其他司法管辖区的发展进行了比较，特别是法国，这是除马耳他之外唯一一个拥有该行业独特框架的欧盟成员国。它还详细审查了适用于 VFA 代理的制度，这些制度在确保只有合适和适当的运营商才能进入马耳他的金融系统方面发挥着关键作用，从而充当防止系统滥用的第一道防线。该文件概述了通过检查注册为 VFA 代理的申请人的治理、商业模式、能力水平以及系统和控制，MFSA 如何确保注册代理能够作为管理局的扩展监督机构，