Beginning on Monday, the Financial Services Authority of Malta (MFSA) will conduct a public consultation over adjustments to its regulations for cryptocurrency businesses.To conform to the Markets in Crypto Assets Regulation (MiCA) of the European Union, the regulator is revising the requirements for exchanges, custodians, and portfolio managers. The agency also wants to mandate that cryptocurrency providers have “an orderly wind-down plan.”Service providers will be able to conduct business throughout the bloc with a single license thanks to MiCA, which goes into force in 2024 and is the first complete crypto law in a significant jurisdiction.Malta, a member of the EU, aims to harmonize its cryptocurrency regulations with MiCA and “ensure a smooth transition for Virtual Financial Assets (‘VFA’) Service Providers” in the nation, according to the regulator.
With a somewhat advanced legal system that anticipates EU standards, Malta ranks with nations like France and is home to cryptocurrency companies like Crypto.com and OKCoin.The feedback period is open until September 29.