Background
Following endorsement by the European Council in October 2022,
the Markets in Crypto-Assets Regulation (“MiCA”) is now
on track to create a harmonised, regulatory landscape for
cryptoassets in the European Union (“EU”). MiCA, the
first pan-national legislation worldwide for cryptoassets, applies
to issuers of cryptoassets and service providers undertaking
MiFID-like and other activities in relation to cryptoassets.
Whatever the perception, it is evident that crypto markets are
an integral part of the international financial system. MiCA
illustrates the EU's objective to promote innovation while
focusing on consumer protection, market integrity and financial
stability. As a regulation, MiCA will be directly applicable
throughout all EU member states – but Malta is not envisaging
any major headaches given the framework introduced by the Virtual
Financial Assets Act (“VFA Act”) way back in 2018.
Service providers in Malta are expected to transition
