Malta's Financial Services Authority Seeks Input on Crypto Regulation Changes to Align with MICA
Summary:
Malta's Financial Services Authority is seeking public input on proposed changes to its crypto regulations to align with Europe's MICA rules. The revisions include removing systems audit requirements, reducing capital requirements, and updating outsourcing standards. The aim is to transition smoothly to the MICA-based regulations and obtain EU licenses for VFA holders. France has also made regulatory adjustments to align with MICA.
Malta's Financial Services Authority (MFSA) is seeking public input on proposed changes to its crypto regulations in order to align with the upcoming European Union's Markets in crypto-assets (MICA) regulations, which are scheduled to take effect in December 2024. The consultation period will remain open until September 29. These revisions primarily focus on exchanges, custodians, and portfolio managers in order to comply with the EU's MiCA rules. Some notable changes include the removal of the systems audit requirement for VFA license holders, reduction of capital requirements for certain license holders, and the incorporation of service-specific rules from MiCA into the VFA rulebook. By aligning with the universal EU laws, Malta aims to transition smoothly to the MiCA-based regulations and obtain EU licenses for its VFA license holders. Additionally, France has also made regulatory adjustments to align with MiCA, with their new guidelines expected to come into effect in early 2024.
Published At
9/18/2023 1:06:18 PM
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