The Maltese regulator, MFSA, has created a test of financial instruments that helps classify tokens in three key categories:
Utility Token Usually considered a virtual token
Security token It is usually captured under MiFID II and the Local Investment Services Law, and is therefore considered a financial instrument.
Virtual financial asset (VFA). Tokens that can not be considered or electronic money, virtual tokens or security tokens.
if 2GT is about coverting in a VFA. My question if there is currently any token that is treated like this or 2Gether will be the first one.
Utility Token Usually considered a virtual token
Security token It is usually captured under MiFID II and the Local Investment Services Law, and is therefore considered a financial instrument.
Virtual financial asset (VFA). Tokens that can not be considered or electronic money, virtual tokens or security tokens.
if 2GT is about coverting in a VFA. My question if there is currently any token that is treated like this or 2Gether will be the first one.
There are already other VFA approved tokens afaik, Axpire announced they became one not long ago
It's impossible, Malta has not approved any initial offering of virtual financial assets (IVFAO), yet!
the announcement is ambiguous stating "we’re excited to share the fact that the AXPR token has been deemed by a well respected and independent Maltese law firm to be a ‘Virtual Financial Asset’" https://medium.com/@aXpire/axpr-achieves-vfa-status-in-malta-ef6129a1dc86
I'm guessing the law firm said they passed the test to be a VFA according to the Maltese Virtual Instrument test.
We also pass the test according to our lawyer! But this doesn't make us a full IVFAO nor AXPR... I hope this clarifies it!
