On 11th March 2025 the Malta Financial Services Authority (the "MFSA") issued a circular announcing the publication of the Markets in Crypto-Assets Rulebook (the "MiCA Rulebook"), together with updates to Chapter 3 of the Financial Institutions Rulebook ("FIR/03").
The Markets in Crypto-Assets Rulebook (the "MiCA Rulebook")
The MiCA Rulebook outlines the authorisation requirements for entities seeking to operate as Crypto-Asset Service Providers ("CASPs") or issuers of Asset-Referenced Tokens ("ART(s)"), as well as the process for notifying the MFSA about the publication of a crypto-asset whitepaper. Additionally, it details the procedures for the voluntary surrender of a licence by CASPs or ART issuers. The MiCA Rulebook also incorporates a set of regulatory technical standards and guidelines applicable to these entities, thus providing a framework for ongoing compliance.
The MiCA Rulebook is designed to complement the broader regulatory framework governing crypto-assets in Malta. To achieve its holistic purpose, it should be read alongside the Markets in Crypto-Assets Act, 2024 (Cap. 647 of the laws of Malta) (the "MiCA Act"), the overarching requirements set out in Regulation (EU) 2024/1114 of the European Parliament and of the Council of 31st May 2023 on markets in crypto-assets ( "MiCA"), and the implementing technical regulatory standards that provide further clarification on compliance obligations. Additionally, guidance from the European Supervisory Authorities (such as the EBA and ESMA) is also an essential reference point, ensuring that the MiCA Rulebook aligns with EU-wide regulatory expectations. Similar to the legislative approach taken with the MiCA Act, these references serve to clarify the scope and responsibilities of entities operating under MiCA in Malta.
The MFSA has additionally issued updated regulatory reporting documentation and guidance on same to support CASPs in fulfilling their reporting obligations. This follows a consultation on the CASP return, circulated on 6th January 2025, and aims to streamline the reporting process for entities falling within the scope of MiCA.
Amendments to Chapter 3 of the Financial Institutions Rulebook
In tandem with the publication of the MiCA Rulebook, the MFSA has also introduced targeted amendments to FIR/03, applying to Electronic Money Institutions issuing Electronic Money Tokens ("EMT(s)"). These revisions establish a structured regulatory foundation by incorporating relevant Delegated Acts, Regulations, Technical Standards, and guidelines that are applicable to EMT issuers into the rulebook.
The refinements to FIR/03 also address procedural requirements concerning outsourcing and safeguarding arrangements. Under the revised framework, all communication and documentation related to these matters must now be submitted through the MFSA license holder portal by issuers of EMTs. Additionally, entities intending to implement outsourcing or changes to safeguarding arrangements must notify the MFSA at least sixty calendar days in advance.
These updates have come into effect as of the date of publication (i.e. the 11th of March). Entities operating as CASPs, ART issuers, or EMT issuers are strongly encouraged to review these updates carefully and ensure they are fully compliant with the new requirements.
The MiCA Rulebook and supporting documentation can be accessed here. The revised FIR/03 rulebook can be accessed here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
