CSB Fintech has announced that the Malta Financial Services Authority (MFSA) has officially issued a class 2 VFA licence to its client, Staern Limited.

Such a licence allows the company to provide reception and transmission of orders as well as the execution of orders on behalf of experienced investors and non-experienced investors.

Reception and transmission privileges refer to the reception from a person of an order to buy, sell or subscribe for virtual financial assets and the transmission of that order to a third party for execution.

Execution of orders allows relevant companies to act to conclude on agreements to buy, sell or subscribe for one or more virtual financial assets on behalf of third parties.

CSB Fintech had reached an important milestone in October 2020 when Staern Limited received an in-principle approval by the MFSA for a Class 2 Virtual Financial Asset Service Provider Licence, becoming one of only a few that received such approval at that time.

Class 2 licence holders are authorised to provide any VFA service but are not able to operate a VFA exchange or deal for their own account, but they may hold or control clients' assets or money in conjunction with the provision of a VFA Service.

CSB Fintech is authorised by the MFSA to act as a fully registered VFA Agent in accordance with the Virtual Financial Assets Act.

As a VFA Agent it is required to evaluate it’s clients’ business plans and fitness and properness prior to submitting an application to the MFSA. In addition, it is obliged to perform thorough due diligence on it’s clients while supporting the MFSA with the necessary information during post-registration supervision.

CSB Fintech Ltd is part of CSB Group, a leading Corporate Services Provider, with Regulated Industry services being one of its specialisations. The Group is renowned for offering its clients a spectrum of specialised business and commercial services that guarantee a complete turnkey solution to clients wishing to set up or relocate their business to Malta.

“It has been an honour for the Group’s VFA team to be Staern Limited’s advisors on this journey and we wish them nothing but the very best,” CSB Fintech said.