Malta’s cryptocurrency market regulator says none of the local licenses have been released under the crypto-assets regulation (MICA) regulations that are at risk following a recent peer review of European Union regulators.
“No MICA license in Malta is at risk of correction or re -evaluation as a result of peer review results,” a MFSA spokesman said Cointelegraph, who added that authority began addressing all the issues identified in the review.
The statement arrived after the European Securities and Markets Authority (ESMA), the primary administration of European body that oversees the compliance of MICA, on Thursday released a peer review in Some permission gaps in Mica Through the Malta’s Financial Services Authority (MFSA).
The MFSA said Malta’s ongoing promise to close the cooperation with the EU authorities and its role as an active leader in crypto regulation was not discussed, despite some levels of community doubt.
Malta is a pioneer of crypto regulation in the EU
A spokesman for MFSA said the ESMA report identified the regulator as an effective supervisor.
“It is not surprising that Malta is a pioneer in the regulation of crypto back in 2018,” the spokesman said.
“I think the review painted Malta in a beautiful light, many forget that Maltese has fully regulated Casp (Crypto Asset service providers) before Mica thought of it,” Xreg Consulting partner Nathan Catania said in cointelegraph.
Introduction Three bills associated with crypto In 2018, the Maltese government emerged as a pioneer of crypto regulation in Europe.
“Malta is the first country regulating DLT (distributed ledger technology) and crypto properties in a holistic way, covering both technological as well as financial service components,” the MFSA Says In a statement in July 2018.
Malta to implement the guide in September 2025
During the review, the ESMA drafted several recommendations to the MFSA and other national competent authorities (NCAS) to the EU to ensure proper supervision under MICA.
The EU regulator specifically highlighted the need to timely assess Casps growth plans, check conflicts of interest in multi-service casp and check the risks from exposure to Decentralized Finance (Defi) and irregular services.
“We trust that this review provides further confidence in those who consider licensing Malta and our peers with respect to our framework for cross-border administration,” MFSA CEO Kenneth Farrugia mentioned In an official statement in response to the review.
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According to the agency, MFSA expects the report recommendations to be fully implemented in September.
Highlights ESMA implications for NCAs
Although dedicated to Malta on the latest peer review, ESMA emphasized that the review targets all NCAs throughout the EU.
“Esma seeks to evaluate MFSA’s approach to firm’s tolerance and administration, but not to check the functioning of the specific company,” a spokesman for ESMA told cointelegraph, adding:
“In the future, ESMA will continue to use the peer review tool if applicable, including relating to other constituents and topics.”
The regulator also emphasized that peer review includes recommendations to be considered in the ongoing management of the work, as well as in future consent procedures.
Malta’s crypto does not mean that there is no stranger to doubt
Although many ESMA peer analysis has been noted in Malta’s crypto administration that is generally positive, the country’s crypto administration approach is faced with the doubt.
Malta has long chased its vision to be A “blockchain island,” which requires crypto platforms to obtain a financial service license in 2018. However, in 2020, 70% of initial applicants failed To secure the license, with a lot of thinking that the rules are too strict.
In 2021, a unit within Malta’s Chamber of Commerce Eliminated allegations that the country is failed To maintain proper regulation of cryptocurrency businesses.
In 2022, the hours of Malta also reported That the collapsed Crypto Exchange FTX needed companies registered in Malta, but MFSA said it was not licensed to provide services.
Some investigations Taught In Malta’s “fast and powerful approach” to attracting crypto companies, which featured 85% of crypto businesses registered in Malta left the island after a two-year transition period as 2023.
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