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Malta's Financial Services Authority (MFSA) has initiated a public consultation regarding proposed revisions to its rulebook governing cryptocurrency firms. This move is in preparation for the implementation of the European Union's Markets in Crypto Assets regulation (MiCA) in 2024.
The MFSA aims to align its regulatory framework with MiCA, which is set to become the world's first comprehensive cryptocurrency regulation in a major jurisdiction, allowing service providers to operate seamlessly across the European Union with a single license. As an EU member, Malta seeks to harmonize its crypto rules with MiCA to ensure a smooth transition for Virtual Financial Assets (VFA) Service Providers in the country.
The proposed changes will impact various crypto entities, including exchanges, custodians, and portfolio managers. Notably, the MFSA intends to mandate that crypto providers have a structured "orderly wind-down plan" in place.
Malta, known for its relatively advanced legal framework in line with EU norms, is home to several crypto companies like Crypto.com and OKCoin. The public consultation on these regulatory revisions will remain open for input until September 29.
