meta_id 3321293

On July 13, 2026, the Malta Financial Services Authority (MFSA) published a settlement notice resolving supervisory matters with Everest Network Ltd., a virtual financial assets (VFA) service provider based in Birkirkara, Malta. The MFSA's investigation identified two categories of failings. First, the Company failed to obtain necessary Authority approvals prior to undertaking changes to its shareholding structure amongst existing shareholders, in breach of Article 28(1)(c) of the Virtual Financial Assets Act and Rule R3-2.3.4.4.2(iii) of the Virtual Financial Assets Rulebook Chapter 3. Second, the Company failed to submit certain regulatory reporting documents within stipulated deadlines across financial years 2022, 2023, and 2024, as required under the VFA Rulebook. Following demonstration of goodwill by Everest Network Ltd., the MFSA agreed on July 10, 2026, to settle all pending matters with the Company. The Authority imposed an administrative penalty of €40,560 on Everest Network Ltd. through a settlement agreement. This settlement reflects the MFSA's approach to resolving enforcement matters where regulated entities demonstrate cooperation and remedial action. The publication of this notice aligns with the MFSA's Settlement Policy, which requires transparency regarding enforcement outcomes. The settlement demonstrates the Authority's commitment to supervisory effectiveness while recognising efforts by regulated firms to address identified deficiencies.