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July 11, 2025Malta Stands Firm on MiCA Compliance Amid EU Peer Review
Malta’s top financial regulator has reaffirmed its strong regulatory standing after a recent peer review by the European Securities and Markets Authority (ESMA) raised concerns about crypto supervision across the European Union.
Despite some community skepticism, the Malta Financial Services Authority (MFSA) confirmed that no local MiCA licenses are at risk following the ESMA review.
“No MiCA license in Malta is at risk of revocation or re-evaluation as a result of the peer review outcomes,” an MFSA spokesperson told Cointelegraph.
The MFSA has already begun addressing the recommendations outlined in the review, which focused on authorization gaps and supervisory practices related to crypto asset service providers (CASPs).
A Pioneer in Crypto Regulation
Malta has long been seen as a trailblazer in crypto oversight. Since introducing three landmark crypto bills in 2018, the country has actively regulated distributed ledger technology (DLT) and crypto assets in a comprehensive way.
“This is not surprising considering that Malta was a pioneer in crypto regulation way back in 2018,” the MFSA spokesperson noted.
Nathan Catania, a partner at XReg Consulting, echoed that sentiment:
“The review paints Malta in a good light. Many forget that the Maltese have been fully regulating CASPs before MiCA was even contemplated.”
Implementation Timeline: September 2025
The ESMA review laid out specific areas for improvement—not only for Malta, but for all National Competent Authorities (NCAs) across the EU.
Key recommendations included:
Evaluating CASPs’ expansion plans
Assessing conflicts of interest in multi-service firms
Monitoring risks from DeFi and unregulated crypto services
MFSA CEO Kenneth Farrugia emphasized the regulator’s commitment to implementing these recommendations by September 2025:
“We trust that this review gives further confidence to those considering licensing in Malta and our peers with respect to our framework for cross-border supervision.”
Though Malta was the focus of the latest peer review, ESMA clarified that the review process is ongoing and will extend to other jurisdictions and regulatory topics in the EU.
“In the future, ESMA will continue using the peer review tool when it is appropriate,” an ESMA spokesperson said.
