BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Regulation

Malta Begins Public Consultation on Revised Crypto Rules to Align with MiCA

by Dan K
Sep 18, 2023 - 7:30 pm
in Regulation
A group of MFSA officials engaged in a discussion over documents related to revised crypto rules to align with MiCA.

Malta Aligns with Europe’s MiCA Regulations

In a move to align its crypto regulatory landscape with the EU’s upcoming Markets in Crypto-Assets (MiCA) regulations, the Malta Financial Services Authority (MFSA) has opened the floor to public consultation on revisions to the existing framework. This initiative is part of a larger trend, with several EU nations, including France, amending their crypto policies to synchronize with the MiCA standards that are slated to be enforced from December 2024.

Notable Adjustments to the VFA Rulebook

Initially established in 2018, Malta’s Virtual Financial Assets (VFA) rulebook is undergoing substantial modifications to facilitate a smoother transition to the MiCA regulations. Some of the noteworthy amendments include:

  • Removal of Systems Audit Requirement: VFA license holders will no longer be obligated to conduct system audits, a move aiming to reduce administrative burdens.
  • Updated Capital Requirements: Class 3 and 4 license holders will now have capital requirements of 125,000 and 150,000 euros, respectively.
  • Professional Indemnity Insurance Requirement Revoked: The upcoming rulebook has done away with the necessity for professional indemnity insurance.
  • Alignment of Outsourcing Requirements: The new provisions update outsourcing prerequisites to resonate with MiCA guidelines.
  • Service-Specific Rules Aligned with MiCA: The service-specific rules of MiCA have been integrated into the VFA rulebook to amend requirements applicable to VFA exchanges, order execution, and client suitability.
  • Client Categorization and Risk Management Requirements Removed: In a bid to streamline processes, client categorization and several risk management mandates have been eliminated.

A Strategic Move for Seamless Transition

By choosing to revise its regulatory landscape ahead of the MiCA implementation, Malta positions itself strategically, aiding VFA license holders in a seamless transition to the new EU-wide regulatory framework. This proactive approach, endorsed by regulators in an interview last October, is seen as a step to facilitate the smooth transition to MiCA-oriented laws and secure EU licenses promptly.

Aligning with MiCA: A Growing Trend in the EU

Malta is not alone in this endeavor. France has also initiated amendments to its crypto regulatory guidelines, a testament to the growing trend among EU nations to harmonize their crypto regulations with MiCA before its official enforcement in early 2024. This collaborative approach showcases the EU’s commitment to fostering a unified and robust crypto regulatory environment.

Conclusion

The MFSA’s public consultation period, which remains open until September 29, provides a crucial platform for stakeholders to voice their opinions and suggestions on the proposed changes. As Malta and other EU nations work towards a harmonized crypto regulatory framework, the early alignment with MiCA promises a streamlined and fortified landscape for crypto assets in the region, setting a precedent for collaborative regulatory advancements in the EU.

Tags: EUMiCARegulation
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Roberto Campos Neto stands at a podium, speaking to parliamentary officials about new crypto regulations.

Brazil’s Central Bank Clamps Down on Crypto: New Regulations on the Horizon

September 28, 2023

Brazil's central bank signals tighter crypto regulations following a significant increase in cryptocurrency adoption and potential associated risks.

Binance logo with a backdrop of a dimming euro symbol, representing the ongoing European debanking issues.

Binance Faces European Debanking: Asks Paysafe Users to Switch from Euros to USDT

September 28, 2023

Crypto exchange Binance instructs its Paysafe users to convert euros to Tether by October's end after recent disruptions...

Do Kwon, Terraform Labs Co-founder, facing the challenges posed by the SEC.

SEC’s Extradition Request “Impossible,” Says Terraform Labs Co-founder Do Kwon

September 28, 2023

Terraform Labs' co-founder Do Kwon's lawyers challenge the SEC's request for U.S. questioning, citing "impossible" conditions and due...

Brian Armstrong, CEO of Coinbase, speaking about Chase UK's recent crypto restrictions.

Coinbase’s Brian Armstrong Calls Out Chase UK for Restricting Crypto Transactions

September 27, 2023

Brian Armstrong, CEO of Coinbase, condemns Chase UK's crypto restrictions, suggesting United Kingdom crypto users reconsider their banking...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise