The regulations have been designed around the virtual asset framework, with the virtual asset being treated as a “commodity” and therefore, not deemed to be a “Specified Investment” under the FSRA’s Financial Services and Market Regulations. Market intermediaries dealing in or managing virtual assets for example, broker dealers, custodians, asset managers, and virtual asset trading platforms (Multilateral Trading Facilities (“MTF”)) will need to be licensed/approved by the FSRA and only activities in accepted virtual assets are permitted. If the applicant firm wishes to undertake business related to both virtual assets and other financial services, it will need to apply for those services in addition to the virtual asset licence.
Discussions with the FSRA should begin at an early stage if you are considering making an application. You should also be prepared that the application process will require time, documentation and explanation until all concerned are comfortable that the business can “go live”.