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ARTICLE · 25 SEPTEMBER 2023

MiCA Update: Consultation Process On The Proposed Updates To Chapter 3 Of The VFA Rulebook

Ganado Advocates
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The new Markets in Crypto-Assets Regulation (MiCA), which will establish the first harmonised regime for crypto-assets across the EU, entered into force in June 2023.

MaltaTechnology
Mark Caruana Scicluna
Mark Caruana Scicluna
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The new Markets in Crypto-Assets Regulation (MiCA), which will establish the first harmonised regime for crypto-assets across the EU, entered into force in June 2023. The provisions for Crypto-Asset Service Providers, including licence holders in Malta, should apply by the end of December 2024.

The Malta Financial Services Authority (MFSA) has continued its efforts for Malta to be "MiCA ready" as soon as possible by issuing a Consultation Process on the rulebook for Crypto-Asset Services Providers. Malta currently has a defined regulatory regime for Crypto-Asset Service Providers under the Virtual Financial Assets Act (Chapter 590, Law of Malta), but some updates will be necessary for the Maltese framework to be aligned with MiCA.

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