Malta takes next steps to align with EU’s MiCA regulation
Malta’s Financial Services Authority has initiated the next step to revise its cryptocurrency regulation s, aiming to align them with the forthcoming European Markets in Crypto-Assets (MiCA) regulation s set to go into effect in December 2024. Malta’s announcement aims to bring about changes in its regulation s governing exchanges, custodians, and portfolio managers, which will result in an align ment with the European Union’s MiCA framework. Other EU nations, such as France, have also introduced new rules in line with MiCA. The view from Malta Originally established in 2018 with the Virtual Financial Assets (VFA), changes to Malta’s cryptocurrency framework include the removal of the systems audit requirement for VFA license holders, the reduction of capital requirements for Class 3 and 4 license holders to $133,000 (125,000 euros) and $159,000 (150,000 euros), respectively, as well as the removal of the professional indemnity insuranc...