Introduction
The Markets in Crypto-Assets Regulation (MiCA or the Regulation)
will introduce the first European framework for crypto-assets. The
regime covers three main types of crypto-assets, namely
asset-referenced tokens (ARTs), e-money tokens (EMTs) and other
crypto-assets (a catch-all category for tokens that are not ARTs or
EMTs).
Among other matters, MiCA sets the scene for Europe to become an
attractive base for crypto-asset service providers (CASPs) to
undertake business globally. Owing to the EU taking the
regulation route, rather than enacting a
directive, MiCA will be directly applicable across all EU Member
States – including Malta – without the need of further
implementation at a national level. The Malta Financial Services
Authority (MFSA) is already working to bridge the gap between the
homegrown VFA Act (Chapter 590 of the laws of Malta) and MiCA. The
objective is to grant Maltese CASPs a competitive edge by ensuring
an immediate and seamless
