According to Cointelegraph, Malta’s Financial Services Authority (MFSA) has begun public consultation. The new changes are believed to align with Europe’s Markets in Crypto-Assets (MICA) regulations and can take effect in December 2024. The public consultation period is expected to be open till September 29, 2023.
Sources revealed that the revised rulebook mentioned changes in rules for exchanges, custodians and portfolio managers, among others. This is expected to go by the European Union’s MiCA. Supposedly, Malta first established its crypto framework in 2018 with the Virtual Financial Assets (VFA), Cointelegraph added.
It is believed that after the passing of the MiCA regulations, all existing regulations in the EU nations might be replaced by the universal MiCA laws, Cointelegraph highlighted.
Furthermore, Malta’s VFA framework is expected to be based upon Markets in Financial Instruments Directive (MiFID) principles, with MiCA using many principles from the same rulebook, Cointelegraph concluded.
(With insights from Cointelegraph)
