Malta updates crypto guidelines to match MiCA
Malta is updating its crypto guidelines to match the Markets in Crypto Assets regulation (MiCA) when it’s enacted in December 2024....
- Malta is updating its crypto guidelines to align with the Markets in Crypto Assets regulation.
- The regulatory changes will be enacted in a three-month transitory period.
- The Malta Financial Services Authority (MFSA) will have the power to object to IT auditor appointments and order reviews or audits of IT systems.
- A letter of engagement between auditors and crypto companies will be required.
- Companies will need to disclose the scale, nature, and range of VFA services provided.
- Licensed VFAs can appoint custodians, subject to a detailed assessment.
- License holders must have a plan for an orderly wind-down of activities.
- Service providers must also have a plan in place.
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What is Malta updating its crypto guidelines to match?How long will the transitory period be for enacting the regulatory changes?What powers will the MFSA have regarding IT auditors and IT systems?What is required in the letter of engagement between auditors and crypto companies?What must licensed VFAs do in terms of appointing custodians and having a wind-down plan?