Malta's MFSA Seeks to Change Its Crypto Rulebook to Align With EU’s MiCA

Malta’s Financial Services Authority (MFSA) is consulting the public on proposed changes to its rulebook for crypto companies starting Monday.

The regulator is re-writing rules for exchanges, custodians and portfolio managers to fit those set out in the European Union’s Markets in Crypto Assets regulation (MiCA), and wants to require crypto providers to have "an orderly wind-down plan."

MiCA, which takes effect in 2024, represents the world’s first comprehensive crypto regulation in a major jurisdiction, allowing service providers to operate across the bloc with a single license. As an EU member, Malta wants to align its crypto rules with MiCA and "ensure a smooth transition for Virtual Financial Assets (‘VFA’) Service Providers" in the country, the regulator said in its consultation.

Malta sits alongside countries like France in having a relatively sophisticated legal regime that anticipates EU norms, and is home to crypto firms such as Crypto.com and OKCoin. The consultation is open until Sept. 29.

Edited by Sandali Handagama.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Follow @camomileshumba on Twitter

Jack Schickler

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

Follow @jackschickler on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Malta Seeks to Change Its Crypto Rulebook to Get Ready for MiCA

The country's financial watchdog wants to align its framework with EU-wide rules set to take effect in 2024.

Drive the Crypto Policy Conversation Forward