Malta Starts Public Consultation For Change Of Crypto Regulations In Line With European Regulation MIC

Malta first established their crypto framework in 2018 (photo: dock. pexels)

JAKARTA - The Maltese Financial Services Authority (MFSA) has started public consultations regarding changes in their crypto regulation to be in line with Markets in Crypto-Assets (MICA) regulations in Europe which will take effect in December 2024. This period of public consultation will last until September 29.

The revised regulatory book proposes changes in regulations for exchanges, asset safeguards, and portfolio managers in line with EU MiCA Regulations. Malta first established their crypto framework in 2018 with Virtual Financial Assets (VFA).

Some of the striking changes related to the VFA Rule Book are:

With the passing of MiCA regulations, all existing regulations in EU countries will be replaced by MiCA's universal law. Malta, as a member of the European Union, has two options: wait for 18 months before MiCA's law comes into force or changes existing regulations to be in line with the universal European Union law. Regulators choose the second option.

Selain Malta, negara Uni Eropa lainnya, yaitu Prancis, juga telah mengubah panduan regulasi kripto yang ada untuk sejalan dengan MiCA yang akan mulai berlaku pada awal 2024.