On Dec. 10, MLT FSA published a circular for MiCA applicants.
MLT FSA clarified licensing requirements and the authorization process related to Reg 2023/1114 on crypto-asset markets and the Markets in crypto-assets act, 2024.
Also clarifies related legal notices, detailed in circular on Markets in crypto-assets act.
As Malta transitions from virtual financial assets framework to the new MiCA Act, the authorization process for entities may vary depending on current authorization status.
MLT FSA notes that an entity shall fall under either one of the following categories.
Entities granted a license under virtual financial assets framework prior to Dec. 30, 2024 (category A entities) and entities which were in the process of applying for a VFA license and not in possession of a license prior to Dec. 30, 2024 (category B entities).
Category A entities can either utilize the grandfathering period provided under MiCA Act or apply for a license through the simplified application process outlined in the Act.
Category B entities are ineligible for simplified application process and must initiate a new application in accordance with the Act and its associated rules and regulations.
New entities seeking authorization in terms of the MiCA Act after Dec. 30, 2024 shall follow the authorization process set out in the Authorisation process service charter.
Effectiveness
Licensing requirements depend on the application date of Dec. 30, 2024, as outlined.
