The Malta Financial Services Authority (“MFSA”) have published the Markets in Crypto-Assets (“MiCA’”) Rulebook, which applies to entities within the scope of the Markets in Crypto-Assets Act as well as amendments to Chapter 3 of the Financial Institutions Rulebook relevant to Payment Institutions and Electronic Money Institutions. These publications represent a key milestone in the implementation of the Markets in Crypto-Assets Regulation in Malta. The updated rules are accompanied by applicable guidance and regulatory reporting documentation.
This Rulebook must be read together with the Markets in Crypto-Assets Act, the MiCA Regulation requirements, the Implementing and Regulatory Standards under the MiCA Regulation, and any opinions issued by the ESAs. The MiCA Rulebook covers authorisation requirements for Crypto-Asset Service Providers (“CASPs”) and Asset-Referenced Tokens (“ART”) issuers, the notification process for crypto-asset whitepapers, licence surrender procedures for CASPs and ART issuers, regulatory technical standards and guidelines, and ongoing obligations for authorised persons in terms of the MiCA Act. The MFSA has also published regulatory reporting documentation and guidance for CASPs to facilitate the reporting process.
The amendments which were done to Chapter 3 of the Financial Institutions Rulebook apply to inter alia Electronic Money Institutions issuing Electronic Money Tokens in relation to Delegated Acts, Regulations, Technical Standards and Guidelines which are applicable to issuers of E- Money Tokens. The amendments introduce rules requiring all submissions to be made via the LH Portal and update notification requirements for outsourcing and safeguarding, mandating submission 60 days before changes take effect.
The full circular can be accessed here.
