Chair

Gary

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 Malta has joined France and other EU nations in revising its existing crypto regulatory policies to align with MiCA coming into effect in December 2024. 
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 Malta’s Financial Services Authority (MFSA) has begun <a rel="dofollow" title="public" href="https://thebittimes.com/tag/public.html">public</a> <a rel="dofollow" title="consultation" href="https://thebittimes.com/tag/consultation.html">consultation</a> over changes in its <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> regulations in order to <a rel="dofollow" title="align" href="https://thebittimes.com/tag/align.html">align</a> with Europe’s Markets in <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-assets (MICA) regulations set to take effect in December 2024. The <a rel="dofollow" title="public" href="https://thebittimes.com/tag/public.html">public</a> <a rel="dofollow" title="consultation" href="https://thebittimes.com/tag/consultation.html">consultation</a> period is open until Sept. 29.
 The revised rulebook proposes changes to the rules for exchanges, custodians and portfolio managers in order to align with the European Union’s MiCA. Malta first established its crypto framework in 2018 with the Virtual Financial Assets (VFA).
 Some of the notable changes with respect to the VFA Rulebook are:
 <ul>
 <li>MFSA has removed the systems audit requirement for VFA license holders.</li>
 <li>The capital requirements for Class 3 and 4 licence holders were reduced to $133,000 (€125,000) and $159,000 (€150,000) respectively.</li>
 <li>The professional indemnity insurance requirement was removed.</li>
 <li>The outsourcing requirements were updated in line with MiCA.</li>
 <li>The service-specific rules of the MiCA were incorporated in the VFA rulebook where the requirements applicable to VFA exchanges, order execution and client suitability will be amended.</li>
 <li>The requirements relating to client categorization have been removed.</li>
 <li>The requirement for a Risk Management and the Internal Capital Adequacy Assessment Report has been removed.</li>
 </ul>
 With the passing of the MiCA regulations, all existing regulations in the European Union nations will be replaced by the universal MiCA laws. Malta, being one of the several EU countries, had two options: either to wait for 18 months before the MiCA laws come into effect or amend the existing regulations to <a rel="dofollow" title="align" href="https://thebittimes.com/tag/align.html">align</a> with the universal EU laws, and the regulators in the country chose the second option.
 Related: Industry leaders and policymakers react to passage of MiCA in EU
 The regulators in an interview in October last year stated that early modifications to their existing <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> regulations would help VFA license holders to seamlessly transition to MiCA-based laws and obtain the EU license. Malta's VFA framework was based upon Markets in Financial Instruments Directive (MiFID) principles and MiCA has derived several principles from the same rulebook.
 Apart from Malta, fellow EU nation France has also amended its existing regulatory guidelines for <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> to <a rel="dofollow" title="align" href="https://thebittimes.com/tag/align.html">align</a> with MiCA and come into effect in early 2024.
 Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/malta-begins-public-consultation-on-revised-crypto-rules-to-align-with-mica-tbt63098.html">https://thebittimes.com/malta-begins-public-consultation-on-revised-crypto-rules-to-align-with-mica-tbt63098.html</a>

Malta begins public consultation on revised crypto rules to align with MiCA

TheBitTimes

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