Malta’s Financial Services Authority (MFSA) confirmed that MiCA licenses issued on the island are not subject to reevaluation following a recent review by the European Securities and Markets Authority (ESMA).
ESMA Review Outcomes
According to an MFSA spokesperson, "No MiCA license in Malta is at risk of revocation or re-evaluation as a result of the peer review outcomes," Cointelegraph reports. The authority has already begun addressing all identified issues.
Malta as a Pioneer in Cryptocurrency Regulation
MFSA highlighted its achievements as an early regulator of cryptocurrencies, stating, "This is not surprising considering that Malta was a pioneer in crypto regulation way back in 2018." The country was the first to implement laws regarding distributed ledger technology and crypto assets, allowing it to take a leading position in this sector.
Future of Crypto Regulation in Malta
According to ESMA, Malta is expected to implement the recommendations for improving oversight by September 2025. These recommendations involve assessing firms' growth plans and managing conflicts of interest. ESMA also warns about the need to pay attention to risks associated with decentralized finances.
Thus, Malta continues to develop its regulatory framework in the cryptocurrency sector, emphasizing its commitment to collaborating with EU authorities, despite skepticism present in the community.
