Malta's Financial Services Authority seeks public input to align crypto rules with EU's MiCA.
The specific rule adjustments being considered in the consultation are geared toward exchanges, custodians, and portfolio managers.
MiCA will be the world’s first comprehensive set of rules governing crypto assets in a significant jurisdiction. Furthermore, it will allow service providers to operate throughout the EU under a single license. Given its EU membership, Malta is keen to harmonize its crypto regulations with MiCA to guarantee a smooth transition for Virtual Financial Assets Service Providers operating within the country.
MiCA, slated for implementation in 2024, represents a significant milestone in crypto regulation. Malta aims to ensure that its crypto industry operates under a comprehensive and consistent regulatory framework. Additionally, the country aims to do so by adhering to its standards. This approach will likely attract more crypto businesses to the island nation. Thus, fostering growth and innovation in the sector.
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