Reference is made to the Authority’s Guidance on the use of Innovative Technology Arrangements and the acceptance of Virtual Financial Assets and Virtual Tokens through the implementation of a Sandbox Framework (‘the Sandbox Regulatory Framework’) which is set to conclude on 31 December 2022. The MGA is hereby advising all interested parties that the applicability of the Sandbox Regulatory Framework is being extended to 28 February 2023.

In the interim, the MGA shall continue to work towards consolidating the extensive feedback received through the closed consultation process concerning the proposed Policy on the Use of Innovative Technology Arrangements and the acceptance of Virtual Financial Assets and Virtual Tokens (‘the Policy’), which ended on 14 December 2022.