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ARTICLE · 28 AUGUST 2025

Tokenisation Of Collective Investment Schemes (CIS) In Malta

BDO Malta
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The Malta Financial Services Authority (MFSA) published a position paper on 12 June 2025 outlining its stance on the tokenisation of units or shares in Collective Investment Schemes (CIS).

MaltaTechnology
Jianni Grima
Jianni Grima
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The Malta Financial Services Authority (MFSA) published a position paper on 12 June 2025 outlining its stance on the tokenisation of units or shares in Collective Investment Schemes (CIS). The paper is part of Malta's efforts to align with the European Union's broader digital finance agenda, particularly the Markets in Crypto-Assets Regulation (MiCA) and the DLT Pilot Regime.

Introduction to MFSA's Tokenisation Framework

The MFSA defines tokenisation as the representation of CIS units on distributed ledger technology (DLT), either as native tokens issued directly on a blockchain or non-native tokens acting as digital proxies for off-chain assets. The MFSA emphasized that tokenisation does not change the legal nature of the units, which continue to be regulated under the Markets in Financial Instruments Directive (MiFID II) and not under MiCA.The paper confirms that tokenisation is permissible for various fund types including licensed Alternative Investment Funds

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