The Malta Financial Services Authority (MFSA) has released updates to the Markets in Crypto-Assets (MiCA) Rulebook and Chapter 3 of the Financial Institutions Rulebook, marking another milestone in Malta's ongoing commitment to regulatory excellence and innovation in the digital assets sector.
What's New?
The latest circular, published on June 16, 2025, introduces immediate changes that align Malta's regulatory framework with the most recent technical standards and supervisory guidance from the European Supervisory Authorities (ESAs), including ESMA and the EBA. These updates are designed to ensure that Malta remains at the forefront of crypto-asset regulation in Europe.
Alignment with EU Guidelines
- The MiCA Rulebook now incorporates ESMA Guidelines on the qualification of crypto-assets as financial instruments.
- Joint EBA and ESMA Guidelines are now referenced for assessing the suitability of management body members of crypto-asset service providers (CASPs) and issuers of asset-referenced tokens.
- ESMA's guidance on maintaining robust systems and security access protocols is now embedded in the Rulebook.
Market Abuse Prevention
- New rules have been added to strengthen supervisory practices for detecting and preventing market abuse in the crypto-assets space.
Notification Procedures:
- The updates clarify the process for submitting notifications to the MFSA, particularly for crypto-assets that may fall under limited network exemptions.
Electronic Money Institutions (EMIs):
- Amendments to Chapter 3 of the Financial Institutions Rulebook provide clearer notification instructions for EMIs issuing e-money tokens, especially if they wish to offer custody and administration of crypto-assets or transfer services on behalf of clients.
These regulatory enhancements bring greater legal clarity and consistency for market participants operating in Malta. By closely mirroring EU-wide standards and incorporating the latest ESMA and EBA guidelines, the MFSA ensures:
- Predictable and Transparent Regulatory Expectations: Market players can better anticipate compliance requirements and supervisory practices.
- Stronger Internal Governance and Security: Emphasis on robust management and IT security protocols helps protect consumers and the integrity of Malta's financial system.
- Support for Innovation: The updated framework fosters a stable, credible environment for crypto-asset innovation while maintaining a strong focus on compliance and market integrity.
For more details, visit the MFSA's official publication on the latest MiCA and Financial Institutions Rulebook updates.
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