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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.

By Camomile Shumba, Jack Schickler
AccessTimeIconSep 18, 2023 at 11:03 a.m. UTC
Updated Sep 18, 2023 at 11:06 a.m. UTC
Malta (Nick Fewings / Unsplash)
Malta (Nick Fewings / Unsplash)
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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.

Read more: MiCA, EU’s Comprehensive New Crypto Regulation, Explained

Edited by Sandali Handagama.

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Camomile Shumba
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

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

Follow @jackschickler on Twitter

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