Malta begins public consultation on revised crypto rules to align with MiCA
Malta has joined France and other EU nations in revising its existing crypto regulatory policies to align with MiCA coming into effect in December 2024. Malta’s Financial Services Authority (MFSA) has begun public consultation over changes in its crypto regulations in order to align with Europe’s Markets in crypto -assets (MICA) regulations set to take effect in December 2024. The public consultation period is open until Sept. 29. The revised rulebook proposes changes to the rules for exchanges, custodians and portfolio managers in order to align with the European Union’s MiCA. Malta first established its crypto framework in 2018 with the Virtual Financial Assets (VFA). Some of the notable changes with respect to the VFA Rulebook are: MFSA has removed the systems audit requirement for VFA license holders. The capital requirements for Class 3 and 4 licence holders were reduced to $133,000 (€125,000) and $159,000 (€150,000) respectively. The professional indemnity insurance requi...