Issue link: https://maltatoday.uberflip.com/i/1100407
04.04.19 6 INNOVATION PAUL COCKS A Space Taskforce is to be set up to oversee the development of a Maltese policy framework which enables commercial ac- tivities related to outer space, to identify and develop key pol- icy directives necessary to cre- ate a regulatory environment favourable to the development of a commercial space sector. e taskforce is part of the government's vision for a Na- tional Space Strategy, launched last week by Silvio Schembri, parliamentary secretary for in- novation. "is is the first time ever that Malta is looking at seriously exploring the commercial po- tential related with space," he said. e aim is to develop a Na- tional Space Strategy for Malta through an international con- sultation process and, for this, government has set out three main objectives. e first is the creation of a competitive legal regime fa- vourable to the development of a commercial space sector. "is will strengthen Malta's appeal as a hub for foreign in- vestment in this sector, attract foreign direct investment for space satellite and space min- ing companies, develop a tai- lor-made incentive packages for space start-ups registration in Malta and satellite compa- nies to register their operations in Malta', Schembri said. e second objective is re- search and innovation through space-generated data and how this can be utilised by the gov- ernment and private stake- holders to improve the quality and reliability of the public ser- vices. e third objective is job cre- ation and economic growth. "Space can contribute to eco- nomic growth by employing professionals and promot- ing technology innovation and hence future generations should be prepared through the promotion of STEM sub- Liftoff Malta's national space THE Malta Financial Services Authority (MFSA) has issued the first approvals for the licensing of Virtual Finacial Assets (VFA) agents. e 14 VFA agents will serve as first level of defence for market integrity and public interest e MFSA has today issued the in-prin- ciple approvals foe regestriation of 14 VFA Agents, who applied for registration in No- vember 2018. VFA agents will be assisting users as well as service providers under the Virtual Financial Assets Act, and will be making applications to the MFSA on their behalf. e VFA agent will serve as a first line of defence for market integity and public inter- est as these agents are required to evaluate their clients' business plans and fitness and properness, prior to submitting an applica- tion to the MFSA. e VFA Agents are also subject persons under the Prevention of Money Laundering and Funding of Terror- ism Regulations. e VFA agent will need to perform a thor- ough due diligence on their clients and would need to continue supporting the MFSA, by providing the necessary information during post-registration supervision. Christopher P Buttigieg, Head of Securities and Marker Supervision, said that the issu- ance of these in-principle approvals was an important milestone in the MFSA's effort at becoming a regulator of excellence in the field of the reguation of crypto assets. "We have worked actively since November 2017 when we started our regulatory journey in the field of crypto assets and today, we have a complete framework that caters for all key areas of risk, being inter alia the risks to consumers, market integrity, financial crime and cyber security," he said. "We have now, 17 weeks after the receipt of the first set of applications, started to authorise entities in this sector." Upon registration, a list of these approved entities will be made available on the MFSA website. MFSA issues in-principle approvals for VFA agents