Collective Investment Schemes investing in virtual currencies

In FinTech

About

On the 29th of January 2018, the Malta Financial Services Authority (MFSA) issued rules applicable to Collective Investment Schemes Investing in Virtual Currencies’ (VC). The document embraces the concepts of investor protection and market integrity. It aims to provide promoters, legal advisors and all players in the funds' industry with guidance as to the corporate structure, governance, servicing, contents of the offering document/s and capital requirements applicable to collective investment schemes which directly /indirectly invest in Virtual Currencies.

Such Collective Investment Schemes would need to be set up as Professional Investment Funds (PIF). Investor base shall be Qualifying Investors: i.e. investment of a minimum of €100, 000 and a net asset worth of €750, 000 or is otherwise a senior employee/director of a service provider to the PIF. This applies on a ‘per scheme’ basis and not at a sub-fund level. PIFs investing in Virtual Currencies must have an initial paid-up share capital of €125,000.

Services include

Guidance towards identifying the ideal structure for the venture in question.

Advisory services pertaining to the licensing process and content of applicable documents.

Tax advise for tax optimisation at all levels of the offer.

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