This law establishes a framework for crypto-assets, including asset-referenced tokens, e-money tokens, and other crypto-assets, and sets requirements for crypto-asset service providers. Its main goal is to implement the relevant provisions of the MiCA Regulation (EU) 2023/1114.
a framework for the requirements applicable to
fers to the public and admission to trading on a trading platform
asset-referenced tokens, e-money tokens, other cryptoassets, and the requirements applicable to crypto-asset service providers. 30th June, 2024 ACT XXXVI
2024, as amended by Act XI
2025. ARRANGEMENT
THE ACT Articles Part I Preliminary 1-4 Part II Crypto-assets other than Asset-Referenced Tokens or E-Money Tokens 5-8 Part III Asset-Referenced Tokens 9 - 21 Part IV E-Money Tokens 22 - 25 Part V Crypto-Asset Service Providers 26 - 34 Part VI Prevention and Prohibition
Market Abuse 35 - 36 Part VII Regulatory and Investigative Powers 37 - 48 Part VIII Appeals,
fences and Confidentiality 49 - 53 Part IX Cooperation with Other Authorities 54 - 57 Part X Transitory Provisions Part XI Amendments to the Banking Act Part XII Amendments to the Virtual Financial Assets Act 59 - 61 62-64 PART I PRELIMINARY 1.
this Act is the Markets in Crypto-
this Act is to implement the relevant provisions
Regulation (EU) 2023/1114
the European Parliament and
the Council
31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No. 1093/2010 and (EU) No. 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, and it shall be interpreted and applied accordingly. Short title and scope. Interpretation. MARKETS IN CRYPTO-ASSETS 2.
Directive 2011/61/EU; "alternative investment fund manager" shall have the same meaning as that assigned to it in point
the MiCA Regulation and shall include investment services licence holders licensed in accordance with the Investment Services Act to carry out the investment service referred to in item 4
the First Schedule
the said Act in relation to AIFs; "asset-referenced token" shall have the same meaning as that assigned to it in point
the MiCA Regulation; "binding legal instruments" means any directly applicable measures, including but not limited to, any implementing technical standards, regulatory technical standards or similar measures, issued in accordance with European Union legislation; "Central Bank" means the Central Bank
Malta as defined in the Central Bank
Malta Act; "central securities depository" shall have the same meaning as that assigned to it in point
Regulation (EU) No. 909/2014; "competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act; "credit institution" shall have the same meaning as that assigned to it in point
the MiCA Regulation; "crypto-asset" shall have the same meaning as that assigned to it in point
the MiCA Regulation; "crypto-asset service" shall have the same meaning as that assigned to it in point
the MiCA Regulation; "crypto-asset service provider" shall have the same meaning as that assigned to it in point
the MiCA Regulation; "Directive 2009/65/EC" means Directive 2009/65/EC
the European Parliament and
the Council
13 July 2009 on MARKETS IN CRYPTO-ASSETS the coordination
laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "Directive 2011/61/EU" means Directive 2011/61/EU
the European Parliament and
the Council
8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010, as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "Directive 2013/34/EU" means Directive 2013/34/EU
the European Parliament and
the Council
26 June 2013 on the annual financial statements, consolidated financial statements and related reports
certain types
undertakings, amending Directive 2006/43/EC
the European Parliament and
the Council and repealing Council Directives 78/660/ EEC and 83/349/EEC, as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "Directive 2014/65/EU" means Directive 2014/65/EU
the European Parliament and
the Council
15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "Directive (EU) 2015/849" means Directive (EU) 2015/ 849
the European Parliament and
the Council
20 May 2015 on the prevention
the use
the financial system for the purposes
money laundering or terrorist financing, amending Regulation (EU) No. 648/2012
the European Parliament and
the Council, and repealing Directive 2005/ 60/EC
the European Parliament and
the Council and Commission Directive 2006/70/EC, as may be amended from time to time, and includes any implementing measures, implementing technical standards, regulatory technical standards, guidelines and similar measures that have been or may be issued thereunder; "Directive (EU) 2015/2366" means Directive (EU) 2015/2366
the European Parliament and
the Council
25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/ EU and Regulation (EU) No. 1093/2010, and repealing MARKETS IN CRYPTO-ASSETS Directive 2007/64/EC, as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "EBA" means the European Banking Authority established by Regulation (EU) No. 1093/2010; "European Central Bank" or "ECB" means the European Central Bank established by the Treaty on the Functioning
the European Union; "electronic money institution" shall have the same meaning as that assigned to it in point
the MiCA Regulation and shall include financial institutions authorised to issue electronic money in accordance with the Financial Institutions Act; "electronic money token" or "e-money token" shall have the same meaning as that assigned to it in point
the MiCA Regulation; "ESMA" means the European Securities and Markets Authority established by Regulation (EU) No. 1095/2010; "European regulatory authority" means a body or bodies designated by a Member State other than Malta in accordance with Article 93
the MiCA Regulation for the purpose
carrying out the functions and duties provided for under the said Regulation; "Financial Intelligence Analysis Unit" means the Financial Intelligence Analysis Unit as established by article 15
the Prevention
Money Laundering Act; "GDPR" means Regulation (EU) 2016/679
the European Parliament and
the Council
27 April 2016 on the protection
natural persons with regard to the processing
personal data and on the free movement
such data, and repealing Directive 95/46/EC (General Data Protection Regulation), as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been, or may be issued thereunder; "home Member State" shall have the same meaning as that assigned to it in point
the MiCA Regulation; "host Member State" shall have the same meaning as that assigned to it in point
the MiCA Regulation; MARKETS IN CRYPTO-ASSETS "investment firm" shall have the same meaning as that assigned to it in point
the MiCA Regulation and shall include investment services licence holders licensed in accordance with the Investment Services Act to carry out any
the investment services referred to in items 1 to 4, 6 to 9 and 11
the First Schedule
the said Act in relation to an instrument as defined in the Investment Services Act; "issuer" shall have the same meaning as that assigned to it in point
the MiCA Regulation; "market operator" shall have the same meaning as that assigned to it in point
Directive 2014/ 65/EU and shall include investment services licence holders licensed in accordance with the Investment Services Act to carry out the investment services referred to in item 9
the First Schedule
the said Act in relation to an instrument as defined in the Investment Services Act; "MiCA Regulation" means Regulation (EU) 2023/1114
the European Parliament and
the Council
31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No. 1093/2010 and (EU) No. 1095/2010 and Directives 2013/ 36/EU and (EU) 2019/1937, as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "Minister" means the Minister responsible for the regulation
financial services; "
feror" shall have the same meaning as that assigned to it in point
the MiCA Regulation; "qualified investor" shall have the same meaning as that assigned to it in point
the MiCA Regulation; "Regulation (EU) No. 1093/2010" means Regulation (EU) No. 1093/2010
the European Parliament and
the Council
24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No. 716/2009/EC and repealing Commission Decision 2009/78/EC, as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "Regulation (EU) No. 1095/2010" means Regulation (EU) No. 1095/2010
the European Parliament and
the Council
24 November 2010 establishing a European MARKETS IN CRYPTO-ASSETS Supervisory Authority (European Securities and Markets Authority), amending Decision No. 716/2009/EC and repealing Commission Decision 2009/77/EC, as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "Regulation (EU) No. 909/2014" means Regulation (EU) No. 909/2014
the European Parliament and
the Council
23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No. 236/2012, as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "Rules" refers to Rules which may be issued by the competent authority in accordance with this Act; "UCITS" shall have the same meaning as that assigned to it in article 2
the Investment Services Act; "UCITS management company" shall have the same meaning as that assigned to it in point
the MiCA Regulation and shall include investment services licence holders licensed in accordance with the Investment Services Act to carry out the investment service referred to in item 4
the First Schedule
the said Act in relation to UCITS in the form
common funds or
investment companies.
the MiCA Regulation, the provisions
the MiCA Regulation shall prevail. Applicability. 3.
this Act and any regulations made, or Rules issued thereunder shall not apply to: (a) persons who provide crypto-asset services exclusively for their parent companies, for their own subsidiaries or for other subsidiaries
their parent companies; (b) a liquidator or an administrator acting in the course
an insolvency procedure, except for the purposes
the MiCA Regulation and article 21; MARKETS IN CRYPTO-ASSETS (c) the ECB, central banks
the Member States when acting in their capacity as monetary authorities, or other public authorities
the Member States; (
this Act and any regulations made, or Rules issued thereunder shall not apply to crypto-assets that are unique and not fungible with other crypto-assets.
this Act and any regulations made, or Rules issued thereunder shall not apply to crypto-assets that qualify as one or more
the following: (
a securitisation as defined in Article 2, point
Regulation (EU) 2017/2402; (e) non-life or life insurance products falling within the classes
insurance listed in Annexes I and II to Directive 2009/138/EC
the European Parliament and
the Council
25 November 2009 on the taking-up and pursuit
the business
Insurance and Reinsurance (Solvency II) or reinsurance and retrocession contracts referred to in such Directive; (f) pension products that under national law are recognised as having the primary purpose
providing the investor with an income in retirement and that entitle the investor to certain benefits; (g)
ficially recognised occupational pension schemes falling within the scope
Directive (EU) 2016/2341
the European Parliament and
the Council
14 December 2016 on the activities and supervision
institutions for occupational retirement provision (IORPs) or Directive 2009/ 138/EC
the European Parliament and
the Council
25 November 2009 on the taking-up and pursuit
the business
Insurance and Reinsurance; (
Regulation (EU) 2019/1238
the European Parliament and
the Council
20 June 2019 on a pan-European Personal Pension Product (PEPP); and (j) social security schemes covered by Regulation (EC) No. 883/2004
the European Parliament and
the Council
29 April 2004 on the coordination
social security systems and Regulation (EC) No. 987/2009
the European Parliament and
the Council
16 September 2009 laying down the procedure for implementing Regulation (EC) No. 883/2004 on the coordination
social security systems. The competent authority. 4.
the MiCA Regulation, this Act and any regulations made, and Rules issued thereunder.
the MiCA Regulation. PART II CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS Approval
crypto-asset white papers and market communications is not required. 5. The competent authority shall not require the prior approval
crypto-asset white papers drawn up by persons intending to make an
fer to the public or seeking admission to trading
crypto-assets other than asset-referenced tokens or e-money tokens in the European Union, nor
any marketing communications relating thereto, before their respective publication. Notification
the crypto-asset white paper. 6.
this article shall only apply where Malta is the home Member State.
ferors, persons seeking admission to trading, or operators
trading platforms for crypto-assets other than asset-referenced tokens or e-money tokens shall notify their crypto-asset white paper to the competent authority.
ferors and persons seeking admission to trading
cryptoassets other than asset-referenced tokens or e-money tokens shall, together with the notification referred to in sub-article
the host Member States, if any, where they intend to
fer their crypto-assets to the public, or intend to seek admission to trading and they shall inform the competent authority
the starting date
the intended
fer to the public or intended MARKETS IN CRYPTO-ASSETS admission to trading and
any change to that date: Provided that the competent authority shall notify the single point
contact
the host Member States
the intended
fer to the public or the intended admission to trading and communicate to that single point
contact the corresponding crypto-asset white paper within five
receipt
the list
host Member States referred to in this sub-article.
the crypto-asset white paper referred to in sub-article
why the crypto-asset described in the crypto-asset white paper should not be considered to be: (a) a crypto-asset excluded from the scope
the MiCA Regulation, this Act and any regulations made, and Rules issued thereunder pursuant to Article 2
the MiCA Regulation and article 3
this Act; (
publication
the crypto-asset white paper. 7.
crypto-assets other than asset-referenced tokens or e-money tokens in Malta. Marketing communications.
the MiCA Regulation in respect
those marketing communications. 8.
this article shall only apply where Malta is the home Member State.
the initial
fer to the public, the total consideration
an
fer to the public
a crypto-asset, other than an asset-referenced token or e-money token, in the European Union exceeds one million euro (€1,000,000), the
feror shall send a notification to the competent authority containing a description
the
fer and explaining why the
fer is exempt from the provisions
the MiCA Regulation and Part II
this Act pursuant to paragraph (d)
the MiCA Regulation: Notification
exemption. MARKETS IN CRYPTO-ASSETS Provided that for the purposes
this sub-article, a "cryptoasset, other than an asset-referenced token or e-money token" means a crypto-asset, other than an asset-referenced token or e-money token, which grants its holder the right to use it only in exchange for goods and services in a limited network
merchants with contractual arrangements with the
feror.
the MiCA Regulation, and shall inform the
feror accordingly. PART III ASSET-REFRENCED TOKENS Authorisation to
fer assetreferenced tokens to the public or seek their admission to trading. 9.
fer to the public, or seek the admission to trading
an asset-referenced token in Malta, unless that person is the issuer
that asset-referenced token and is: (a) a legal person or other undertaking that is established in the European Union and has been authorised in accordance with Article 21
the MiCA Regulation by the competent authority
its home Member State; or (b) a credit institution that complies with Article 17
the MiCA Regulation: Provided that for the purposes
paragraph (a), other undertakings may issue asset-referenced tokens only if their legal form ensures a level
protection for third parties’ interests equivalent to that afforded by legal persons and if they are subject to equivalent prudential supervision appropriate to their legal form.
sub-article
the issuer
an asset-referenced token, other persons may
fer to the public or seek the admission to trading
that asset-referenced token: Provided that the persons referred to in this sub-article shall comply with Articles 27, 29 and 40
the MiCA Regulation and article 16.
sub-articles
twelve
each calendar day, the average outstanding value
the asset-referenced token issued by an issuer never exceeds five million euro (€5,000,000), or the equivalent amount in another
ficial currency, and the issuer is not linked MARKETS IN CRYPTO-ASSETS to a network
other exempt issuers; or (b) the
fer to the public
the asset-referenced token is addressed solely to qualified investors and the assetreferenced token can only be held by such qualified investors: Provided that where this sub-article applies, issuers
assetreferenced tokens shall draw up a crypto-asset white paper as provided for in Article 19
the MiCA Regulation and notify such cryptoasset white paper, and upon request, any marketing communications to the competent authority where Malta is the home Member State. 10.
this article, "credit institution" means a credit institution which is licensed as such under the Banking Act.
fered to the public or admitted to trading if the credit institution: (a) draws up a crypto-asset white paper as referred to in Article 19
the MiCA Regulation for the asset-referenced token, submits such crypto-asset white paper for approval by the competent authority
its home Member State in accordance with the procedure set out in the regulatory technical standards adopted pursuant to Article 17
the MiCA Regulation, and has the crypto-asset white paper approved by the competent authority; and (b) notifies the competent authority, at least ninety
operations, setting out the business model that the credit institution intends to follow; (ii) a legal opinion that the asset-referenced token does not qualify as either a crypto-asset excluded from the scope
the MiCA Regulation, this Act and any regulations made, and Rules issued thereunder pursuant to Article 2
the MiCA Regulation and article 3
this Act; (iii) a detailed description
the governance arrangements referred to in Article 34
the MiCA Regulation; (iv) the policies and procedures listed in the first sub-paragraph
the MiCA Regulation; (v) a description
the contractual Requirements for credit institutions to
fer assetreferenced tokens to the public or seek their admission to trading. MARKETS IN CRYPTO-ASSETS arrangements with third-party entities as referred to in the second sub- paragraph
the MiCA Regulation; (vi) a description
the business continuity policy referred to in Article 34
the MiCA Regulation; (vii) a description
the internal control mechanisms and risk management procedures referred to in Article 34
the MiCA Regulation; and (viii) a description
the systems and procedures in place to safeguard the availability, authenticity, integrity and confidentiality
data referred to in Article 34
the MiCA Regulation.
sub-article
receipt
the information listed in the said sub-article, assess whether the information required under that paragraph has been provided.
the request and, until the expiry
such deadline, the period set out in sub-article
sub-article
the information provided in terms
this article shall be at its discretion but shall not result in a suspension
the period set out MARKETS IN CRYPTO-ASSETS in sub-article
fer to the public or seek the admission to trading
the asset-referenced token as long as the notification referred to in sub-article
ficial currency is not the euro or where an
ficial currency
a Member State that is not the euro is referenced by the assetreferenced token, also to the Central Bank.
receipt
the complete information in accordance with sub-article
fer to the public or seek the admission to trading
the assetreferenced token in cases where the ECB or, where applicable, the Central Bank, give a negative opinion on the grounds
a risk posed to the smooth operation
payment systems, monetary policy transmission or monetary sovereignty. 11.
this article shall only apply when Malta is the home Member State.
fer to the public or seek the admission to trading
asset-referenced tokens shall submit their application for an authorisation as referred to in article 9 to the competent authority.
the MICA Regulation, the application referred to in sub-article
the following information: (a) the address
the applicant; (b) the legal entity identifier
the applicant; (c) the articles
association
the applicant, where applicable; (d) a programme
operations, setting out the business model that the applicant intends to follow; (e) a legal opinion that the asset-referenced token does not qualify as either
the following: (i) a crypto-asset excluded from the scope
the MiCA Regulation, this Act and any regulations Application for authorisation. MARKETS IN CRYPTO-ASSETS made, and Rules issued thereunder pursuant to Article 2
the MiCA Regulation and article 3
this Act; or (
the applicant’s governance arrangements as referred to in Article 34
the MiCA Regulation; (g) where cooperation arrangements with specific crypto-asset service providers exist, a description
their internal control mechanisms and procedures to ensure compliance with the obligations in relation to the prevention
money laundering and terrorist financing under Directive (EU) 2015/849; (h) the identity
the members
the management body
the applicant; (
sufficiently good repute and possess the appropriate knowledge, skills and experience to manage the applicant; (j) proof that any shareholder or member, whether direct or indirect, that has a qualifying holding in the applicant is
sufficiently good repute; (k) a crypto-asset white paper as referred to in Article 19
the MiCA Regulation; (l) the policies and procedures referred to in the first sub-paragraph
the MiCA Regulation; (m) a description
the contractual arrangements with the third-party entities as referred to in the second subparagraph
the MiCA Regulation; (n) a description
the applicant’s business continuity policy referred to in Article 34
the MiCA Regulation; (o) a description
the internal control mechanisms and risk management procedures referred to in Article 34
the MiCA Regulation; (p) a description
the systems and procedures in place to safeguard the availability, authenticity, integrity and confidentiality
data as referred to in Article 34
the MiCA Regulation; (q) a description
the applicant’s complaints- MARKETS IN CRYPTO-ASSETS handling procedures as referred to in Article 31
the MiCA Regulation; and (r) where applicable, a list
host Member States where the applicant intends to
fer the asset-referenced token to the public or intends to seek admission to trading
the asset- referenced token.
sub-article
all
the following: (a) for all members
the management body, the absence
a criminal record in respect
convictions or the absence
penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability; (b) that the members
the management body
the applicant
the asset-referenced token collectively possess the appropriate knowledge, skills and experience to manage the issuer
the asset-referenced token and that such persons are required to commit sufficient time to perform their duties; and (c) for all shareholders and members, whether direct or indirect, that have qualifying holdings in the applicant, the absence
a criminal record in respect
convictions and the absence
penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability.
sub-article
one
authorisation in respect
another asset-referenced token, any information that was previously submitted by them to the competent authority where such information would be identical: Provided that when submitting the information listed in subarticle
receipt
an application referred to in sub-article
receipt
the application referred to in sub-article
the MiCA Regulation, comprises all MARKETS IN CRYPTO-ASSETS
the required information and it shall immediately notify the applicant whether the application, including the crypto-asset white paper, is missing required information: Provided that where the application, including the cryptoasset white paper, is not complete, the competent authority shall set a deadline by which the applicant is to provide any missing information.
receipt
a complete application, assess whether the applicant complies with the requirements
the MiCA Regulation and the provisions
this Part, and prepare a fully reasoned draft decision granting or refusing authorisation to
fer asset-referenced tokens to the public or seek their admission to trading: Provided that, within the period referred to in this subarticle, the competent authority may request from the applicant any information on the application, including on the crypto-asset white paper referred in Article 19
the MiCA Regulation: Provided further that for the purposes
the assessment to be carried out in accordance with this sub-article, the competent authority may cooperate with competent authorities for anti-money laundering and counter-terrorist financing, financial intelligence units or other public bodies.
request for missing information by the competent authority and the receipt by the said competent authority
a response from the applicant: Provided that the suspension referred to in this sub-article shall not exceed twenty
sub-article
the information provided in terms
this article shall be at its discretion but shall not result in a suspension
the assessment periods set out in sub-articles
ficial currency
a Member State that is not the euro is referenced by the asset-referenced token, the competent authority shall also transmit its draft decision and the application to the central bank
such Member State.
the competent authority, as regards their evaluation
the legal opinion referred to in Article 18
the MiCA Regulation and sub-article
receipt
the draft decision referred to in sub-article
the risks that issuing such asset-referenced token might pose to financial stability, the smooth operation
payment systems, monetary policy transmission and monetary sovereignty, in accordance with Article 21
the MiCA Regulation, shall be transmitted to the competent authority within twenty
receipt
the draft decision referred to in sub-article
sub-article
receipt
the opinions referred to in sub-articles
fer asset-referenced tokens to the public or seek their admission to trading and, within five
taking such decision, notify it to the applicant: Provided that where an applicant is authorised, its cryptoasset white paper shall be deemed to be approved.
an asset-referenced token to such conditions as it may deem appropriate and having granted such an authorisation, it may from time to time, vary or revoke any condition so imposed or impose new conditions. 12.
the MiCA Regulation and article 11, to
fer asset-referenced tokens to the public or seek their admission to trading where there are objective and demonstrable grounds that: (a) the management body
the applicant may pose a threat to its effective, sound and prudent management and business continuity and to the adequate consideration
the interest
its clients and the integrity
the market; (b) members
the management body
the applicant do not meet the criteria set out in Article 34
the MiCA Regulation; (c) shareholders and members, whether direct or Refusal
the authorisation. MARKETS IN CRYPTO-ASSETS indirect,
the applicant that have qualifying holdings who do not meet the criteria
sufficiently good repute set out in Article 34
the MiCA Regulation; (d) the applicant fails to meet or is likely to fail to meet any
the requirements
the MiCA Regulation or the provisions
this Part; and, or (e) the applicant’s business model may pose a serious threat to market integrity, financial stability, the smooth operation
payment systems, or exposes the issuer or the sector to serious risks
money laundering and terrorist financing.
the MiCA Regulation and article 11 to
fer asset-referenced tokens to the public or seek their admission to trading if the ECB or, where applicable, the central bank referred to in article 11
the MiCA Regulation and article 12
a risk posed to the smooth operation
payment systems, monetary poli cy transmission, or monetary sovereignty. Withdrawal
the authorisation. 13.
the MiCA Regulation and article 11 to an issuer
an asset-referenced token in any
the following situations: (a) the issuer has ceased to engage in business for six
the MiCA Regulation and article 11 or in any crypto-asset white paper modified in accordance with Article 25
the MiCA Regulation and article 15; (
the MiCA Regulation and, or the provisions
this Part; (
payment systems, or exposes the issuer, or the sector to serious risks
money laundering and terrorist financing: Provided that the issuer
the asset-referenced token authorised under Article 21
the MiCA Regulation and article 11 shall notify the competent authority
any
the situations referred to in paragraphs (e) and (f)
this sub-article.
the MiCA Regulation and article 11 to an issuer
an asset-referenced token when the ECB or, where applicable, the central bank referred to in article 11
payment systems, monetary policy transmission or monetary sovereignty.
the MiCA Regulation and article 11 to an issuer
an asset-referenced token where it is
the opinion that the situations referred to in Article 24
the MiCA Regulation affect the good repute
the members
the management body
that issuer, or the good repute
any shareholders or members, whether direct or indirect,
the issuer that have qualifying holdings, or if there is an indication
a failure
the governance arrangements, or internal control mechanisms as referred to in Article 34
the MiCA Regulation: Provided that when an authorisation is withdrawn in terms
this sub-article, the issuer
the asset-referenced token shall implement the procedure under Article 47
the MiCA Regulation and article 21. 14.
the MiCA Regulation and article 11, or to withdraw the authorisation granted to an issuer
an assetreferenced token under the said provisions; or (b) vary any condition to which an authorisation granted under Article 21
the MiCA Regulation and article 11 is subject, or impose a condition thereon, it shall give the applicant or the issuer
an asset-referenced token, as applicable, notice in writing
its intention to do so, while setting out the reasons for the decision it proposes to take.
such notice may, within a reasonable period after the Notice
proposed refusal, variation, or withdrawal
an authorisation. MARKETS IN CRYPTO-ASSETS service thereof as may be stated in the notice, make representations in writing to the competent authority in which he gives the reasons why the proposed decision should not be taken, and the competent authority shall consider any representation so made before reaching a final decision.
the MiCA Regulation and article 11, the competent authority shall as soon as practicable notify its final decision in writing to any
the persons to whom notice is to be given under sub-article
published cryptoassets white papers for assetreferenced tokens. 15.
this article shall only apply when Malta is the home Member State.
asset-referenced tokens shall notify the competent authority
any intended change
their business model likely to have a significant influence on the purchase decision
any holders or prospective holders
asset-referenced tokens, which occurs after the authorisation pursuant to Article 21
the MiCA Regulation and article 11, or after the approval
the crypto-asset white paper pursuant to Article 17
the MiCA Regulation and article 10, as well as in the context
the MiCA Regulation: Provided that the competent authority shall be notified
the intended changes referred to in this sub-article at least thirty
the reserve assets; (c) the rights granted to the holders
assetreferenced tokens; (
issuers’ proprietary distributed ledger technology, where the asset-referenced tokens are issued, transferred and stored using such a distributed ledger technology; (g) the mechanisms to ensure the liquidity
assetreferenced tokens, including the liquidity management policy MARKETS IN CRYPTO-ASSETS and procedures for issuers
significant asset-referenced tokens referred to in Article 45
the MiCA Regulation; (h) the arrangements with third-party entities, including for managing the reserve assets and the investment
the reserve, for the custody
reserve assets, and where applicable, for the distribution
the asset-referenced tokens to the public; (
an assetreferenced token shall draw up a draft modified crypto-asset white paper and shall ensure that the order
the information appearing therein is consistent with that
the original crypto-asset white paper.
the asset-referenced token shall notify the draft modified crypto-asset white paper referred to in sub-article
the said white paper as soon as possible, but in any case not later than five
, or refuse to approve, the draft modified crypto-asset white paper referred to in sub-article
acknowledgement
receipt thereof in accordance with sub-article
the draft modified crypto-asset white paper, the competent authority may request any additional information, explanations or justifications concerning the said white paper and, when the competent authority makes such request, the time limit referred to in this sub-article shall only commence when the competent authority has received the requested additional information. 16.
marketing communications relating to an
fer to the public
an asset-referenced token, or to the admission to trading
such asset-referenced token, before their publication. Marketing communications.
an asset-referenced token, being a credit institution licensed under the Banking Act or a legal person or other undertaking authorised under Article 21
the MiCA Regulation and article 11, decides to discontinue the provision
its services and Discontinuation
services and activities. MARKETS IN CRYPTO-ASSETS activities, including by discontinuing the issue
such asset-referenced token, it shall submit a plan to the competent authority for approval
such discontinuation. Assessment
proposed acquisitions
issuers
assetreferenced tokens. 18.
this article: (a) "proposed acquirer" means any natural or legal persons or such persons acting in concert who intend to acquire, directly or indirectly, a qualifying holding in an issuer
an asset-referenced token; and (b) "issuer
an asset-referenced token" means an issuer
an asset-referenced token which is a credit institution licensed under the Banking Act or a legal person or other undertaking authorised under Article 21
the MiCA Regulation and article 11.
an asset-referenced token or to increase, directly or indirectly, such a qualifying holding so that the proportion
the voting rights or
the capital held would reach or exceed twenty per cent (20%), thirty per cent (30%) or fifty per cent (50%), or so that the issuer
the asset-referenced token would become its subsidiary, shall notify the competent authority
such issuer in writing, indicating the size
the intended holding and the information required by the regulatory technical standards adopted by the European Commission in conformity with Article 42
the MiCA Regulation.
a qualifying holding in an issuer
an asset-referenced token shall, prior to disposing
such holding, notify in writing the competent authority
its decision and indicate the size
such holding: Provided that any such person as referred to in this subarticle shall also notify the competent authority when it has taken a decision to reduce a qualifying holding so that the proportion
the voting rights or
the capital held would fall below ten per cent (10%), twenty per cent (20%), thirty per cent (30%) or fifty per cent (50%), or so that the issuer
the asset-referenced token would cease to be such person’s subsidiary.
a notification pursuant to sub-article
the notification provided in accordance with this sub-article, the competent authority shall inform the proposed acquirer
the date
MARKETS IN CRYPTO-ASSETS expiry
the assessment period determined in accordance with subarticle
the MiCA Regulation, within sixty
the date
the written acknowledgement
receipt referred to in sub-article
the written acknowledgement
receipt referred to in sub-article
a third country.
sub-article
the information received shall not result in a suspension
the assessment period set out in sub-article
the assessment referred to in sub-article
its decisions, and provide the reasons for its decision, within two
this article.
this article, the proposed acquisition shall be deemed to be approved.
the proposed acquisition referred to in sub-article
proposed acquisitions
issuers
assetreferenced tokens. 19.
the MiCA Regulation and article 18
the proposed acquirer and the financial soundness
the proposed acquisition referred to in Article 41
the MiCA Regulation and article 18
all
the following criteria: (a) the reputation
the proposed acquirer; (b) the reputation, knowledge, skills and experience
any person who shall direct the business
the issuer
the asset-referenced token as a result
the proposed acquisition; (c) the financial soundness
the proposed acquirer, in particular in relation to the type
business envisaged and pursued in respect
the issuer
the asset-referenced token in which the acquisition is proposed; (d) whether the issuer
the asset-referenced token shall be able to comply and continue to comply with the provisions
the MiCA Regulation and this Part; and (e) whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or the funding
terrorism within the meaning
article 2
the Prevention
Money Laundering Act is being or has been committed or attempted, or that the proposed acquisition could increase the risk thereof.
the MiCA Regulation and article 18
the MiCA Regulation and article 18
the MiCA Regulation and article 18
the economic needs
the market. Notification
the recovery plan. 20.
this article, "issuer
an assetreferenced token" means an issuer
an asset-referenced token which is a credit institution licensed under the Banking Act or a legal person MARKETS IN CRYPTO-ASSETS or other undertaking authorised under Article 21
the MiCA Regulation and article 11.
an asset-referenced token shall notify the recovery plan drawn up in accordance with Article 46
the MiCA Regulation to the competent authority within six
the date
authorisation pursuant to Article 21
the MiCA Regulation and article 11 or within
the date
approval
the crypto-asset white paper pursuant to Article 17
the MiCA Regulation and article 10.
the asset-referenced token within forty
the date
notification
such plan.
the competent authority referred to in subarticle
the asset-referenced token within forty
the date
notification
such decision.
the asset-referenced token shall regularly review and update the recovery plan.
the asset-referenced token fails to comply with the requirements applicable to the reserve
assets as referred to in Chapter 3
the MiCA Regulation or, due to a rapidly deteriorating financial condition, is likely in the near future to not be able to comply with such requirements, the competent authority, in order to ensure compliance with the applicable requirements, shall have the power to require the said issuer to implement one or more
the arrangements or measures set out in the r e c o v e r y p l a n o r t o u p d a t e su c h a r e co v e r y p l a n w h en t h e circumstances are different from the assumptions set out in the initial recovery plan and implement one or more
the arrangements or measures set out in the updated plan within a specific time frame.
asset-referenced tokens, provided that the suspension is justified while having regard to the interests
the holders
assetreferenced tokens and financial stability. 21.
this article, "issuer
an assetreferenced token" means an issuer
an asset-referenced token which is a credit institution licensed under the Banking Act or a legal person or other undertaking authorised under Article 21
the MiCA Regulation and article 11.
an asset-referenced token shall notify the Notification
the redemption plan. MARKETS IN CRYPTO-ASSETS redemption plan drawn up in accordance with Article 47
the MiCA Regulation to the competent authority within six
the date
authorisation pursuant to Article 21
the MiCA Regulation and article 11 or within six
the date
approval
the crypto-asset white paper pursuant to Article 17
the MiCA Regulation and article 10.
the asset-referenced token within forty
the date
notification
such plan.
the competent authority referred to in subarticle
the asset-referenced token within forty
the date
notification
the said decision.
the asset-referenced token shall regularly review and update the redemption plan. PART IV E-MONEY TOKENS No approval
crypto-asset white papers for e-money tokens and marketing communications required. 22. The competent authority shall neither require prior approval
crypto-asset white papers for e-money tokens, nor
any marketing communications relating thereto, before their respective publication. Notification by issuers
e- money tokens. Cap. 371. 23.
this article, "issuers
e-money tokens" means issuers
e-money tokens which are licensed as a credit institution under the Banking Act or as a financial institution authorised to issue electronic money under the Financial Institutions Act.
e-money tokens shall, at least forty
fer to the public such e-money tokens or seek their admission to trading, notify the competent authority
that intention.
e-money tokens shall notify their crypto-asset white paper to the competent authority at least twenty
its publication.
e-money tokens shall, together with the notification
the crypto-asset white paper referred to in sub-article
the MiCA Regulation.
sub-article
the MiCA Regulation apply, the issuers
e-money tokens shall draw up a crypto-asset white paper and notify such crypto-asset white paper to the competent authority in accordance with Article 51
the said Regulation and sub-articles
fer to the public
an e-money token, or to the admission to trading
such e-money token shall, upon request, be notified to the competent authority. 24.
this article, "issuer
an e-money token" means an issuer
an e-money token which is licensed as a credit institution under the Banking Act or as a financial institution authorised to issue electronic money under the Financial Institutions Act.
an e-money token shall notify the recovery plan drawn up in accordance with Article 46
the MiCA Regulation, as applicable pursuant to Article 55
the said Regulation, to the competent authority within six
the date
the
fer to the public or admission to trading
the e-money token.
an e-money token within forty
the date
notification
such plan.
the competent authority referred to in subarticle
the e-money token within forty
the date
notification
such decision.
the e-money token shall regularly review and update the recovery plan.
an e-money token fails to comply with the applicable requirements under the MiCA Regulation or, due to a rapidly deteriorating financial condition, is likely in the near future to not be able to comply with those requirements, the competent authority in order to ensure compliance with the applicable requirements, shall have the power to require the said issuer to implement one or more
the arrangements or measures set out in the recovery plan, or to update such a recovery plan when the circumstances are different from the assumptions set out in the initial recovery plan and implement one or more
the arrangements or measures set out in the updated plan within a specific time frame.
e-money tokens, provided that the suspension is Notification
the recovery plan. Cap. 371. MARKETS IN CRYPTO-ASSETS justified while having regard to the interests
the holders
e-money tokens and financial stability. Notification
the redemption plan. Cap. 371. 25.
this article, "issuer
an e-money token" means an issuer
an e-money token which is licensed as a credit institution under the Banking Act or as a financial institution authorised to issue electronic money under the Financial Institutions Act.
an e-money token shall notify the redemption plan drawn up in accordance with Article 47
the MiCA Regulation, as applicable pursuant to Article 55
the said Regulation, to the competent authority within six
the date
the
fer to the public or admission to trading
the e-money token.
the e-money token within forty
the date
notification
such plan.
the competent authority referred to in subarticle
the e-money token within forty
the date
notification
such decision.
the e-money token shall regularly review and update the redemption plan. PART V CRYPTO-ASSET SERVICE PROVIDERS Authorisation
crypto-asset service providers. 26.
the MiCA Regulation, a person shall not provide crypto-asset services in Malta unless that person is: (a) a legal person or other undertaking that has been authorised to act as a crypto-asset service provider in accordance with Article 63
the MiCA Regulation; or (b) a credit institution, central securities depository, investment firm, market operator, electronic money institution, UCITS management company, or an alternative investment fund manager that is allowed to provide crypto-asset services pursuant to Article 60
the MiCA Regulation.
establishment, including through a branch, or through the freedom to provide services: Provided that where Malta is the host Member State, crypto- MARKETS IN CRYPTO-ASSETS asset service providers that provide crypto-asset services in Malta shall not be required to have a physical presence in Malta. 27.
this article shall only apply where Malta is the home Member State.
crypto-assets on behalf
clients if it notifies the information referred to in sub-article
this sub-article, the provision
the custody and administration
crypto-assets on behalf
clients shall be deemed equivalent to providing, maintaining or operating securities accounts in relation to the settlement service referred to in point
Section B
the Annex to Regulation (EU) No. 909/2014.
this sub-article: (a) the provision
the custody and administration
crypto-assets on behalf
clients shall be deemed equivalent to the ancillary service as referred to in point
Section B
Annex I to Directive 2014/65/EU; (b) the operation
a trading platform for cryptoassets shall be deemed equivalent to the operation
a multilateral trading facility and operation
an organised trading facility as referred to in points
Section A
Annex I to Directive 2014/65/EU; (c) the exchange
crypto-assets for funds and other crypto-assets shall be deemed equivalent to dealing on own account as referred to in point
Section A
Annex I to Directive 2014/65/EU; (d) the execution
orders for crypto-assets on behalf
clients shall be deemed equivalent to the execution
orders on behalf
clients as referred to in point
Section A
Provision
crypto-asset services by certain financial entities. MARKETS IN CRYPTO-ASSETS Annex I to Directive 2014/65/EU; (e) the placing
crypto-assets is deemed equivalent to the underwriting or placing
financial instruments on a firm commitment basis and placing
financial instruments without a firm commitment basis as referred to in points
Section A
Annex I to Directive 2014/65/EU; (f) the reception and transmission
orders for crypto- assets on behalf
clients shall be deemed equivalent to the reception and transmission
orders in relation to one or more financial instruments as referred to in point
Section A
Annex I to Directive 2014/65/EU; (g) providing advice on crypto-assets shall be deemed equivalent to investment advice as referred to in point
Section A
Annex I to Directive 2014/65/EU; and (h) providing portfolio management on crypto-assets shall be deemed equivalent to management
investments as referred to in point
Section A
Annex I to Directive 2014/65/EU.
crypto-assets on behalf
clients and transfer services for crypto-assets on behalf
clients with regard to the emoney tokens it issues, if it notifies the competent authority w i t h the information referred to in sub-article
portfolios
investment and non-core services for which it is authorised i n a c c o r d a n c e w i t h Directive 2009/65/ EC or Directive 2011/61/EU if it notifies the competent authority with the information referred to in sub-article
this sub-article: (a) the reception and transmission
orders for crypto- assets on behalf
clients shall be deemed equivalent to the reception and transmission
orders in relation to financial instruments as referred to in point (b)(iii)
Directive 2011/61/EU; (b) providing advice on crypto-assets shall be deemed equivalent to investment advice as referred to in point (b)(i)
Directive 2011/61/EU and in point (b)(i)
Directive 2009/65/EC; MARKETS IN CRYPTO-ASSETS (c) providing portfolio management on crypto-assets shall be deemed equivalent to the services as referred to in point (a)
Directive 2011/61/EU and in point (a)
Directive 2009/65/EC.
sub-articles
the MiCA Regulation, for the purposes
sub-articles
operations setting out the types
crypto-asset services that the applicant intends to provide, including where and how those services are to be marketed; (b) a description
: (i) the internal control mechanisms, policies and procedures to ensure compliance with the provisions
national law transposing Directive (EU) 2015/849; (ii) the risk assessment framework for the management
money laundering and terrorist financing risks; and (iii) the business continuity plan; (c) the technical documentation
the ICT systems and security arrangements, and a description thereof in nontechnical language; (d) a description
the procedure for the segregation
clients’ crypto-assets and funds; (e) a description
the custody and administration policy, where it is intended to provide custody and MARKETS IN CRYPTO-ASSETS administration
crypto-assets on behalf
clients; (f) a description
the operating rules
the trading platform and
the procedures and system to detect market abuse, where it is intended to operate a trading platform for crypto-assets; (g) a description
the non-discriminatory commercial policy governing the relationship with clients as well as a description
the methodology for determining the price
the crypto-assets they propose to exchange for funds or other crypto-assets, where it is intended to exchange cryptoassets for funds or other crypto-assets; (h) a description
the execution policy, where it is intended to execute orders for crypto-assets on behalf
clients; (i) evidence that the natural persons giving advice on behalf
the applicant or managing portfolios on behalf
the applicant have the necessary knowledge and expertise to fulfil their obligations, where it is intended to provide advice on crypto-assets or provide portfolio management on cryptoassets; (
clients.
receipt
such notification as referred to in sub-articles
the request and, until the expiry
the said deadline, each period as set out in sub-articles
the information provided in terms
this article, shall be at its discretion MARKETS IN CRYPTO-ASSETS but shall not result in a suspension
the period set out in sub-articles
this article shall only apply where Malta is the home Member State.
the following information: (a) the name, including the legal name and any other commercial name used, the legal entity identifier
the applicant, the website operated by such applicant, a contact email address, a contact telephone number and its physical address; (b) the legal nature
the applicant; (c) the articles
association
the applicant, where applicable; (d) a programme
operations, setting out the types
crypto-asset services that the applicant intends to provide, including where and how those services are to be marketed; (e) proof that the applicant meets the requirements for prudential safeguards set out in Article 67
the MiCA Regulation; (f) a description
the applicant’s governance arrangements; (g) proof that members
the management body
the applicant are
sufficiently good repute and possess the appropriate knowledge, skills and experience to manage such provider; (h) the identity
any shareholders and members, whether direct or indirect, that have qualifying holdings in the applicant and the amounts
those holdings, as well as proof that those persons are
sufficiently good repute; (i) a description
the applicant’s internal control mechanisms, policies and procedures to identify, assess and manage risks, including money laundering and terrorist financing risks, and business continuity plan; (j) the technical documentation
the ICT systems and security arrangements, and a description thereof in non- Application for authorisation. MARKETS IN CRYPTO-ASSETS technical language; (k) a description
the procedure for the segregation
clients’ crypto-assets and funds; (l) a description
the applicant’s complaintshandling procedures; (m) where the applicant intends to provide custody and administration
crypto-assets on behalf
clients, a description
the custody and administration policy; (n) where the applicant intends to operate a trading platform for crypto-assets, a description
the operating rules
the trading platform and
the procedure and system to detect market abuse; (o) where the applicant intends to exchange cryptoassets for funds or other crypto-assets, a description
the commercial policy, which shall be non-discriminatory, governing the relationship with clients as well as a description
the methodology for determining the price
the cryptoassets that the applicant crypto-asset service provider proposes to exchange for funds or other crypto-assets; (p) where the applicant intends to execute orders for crypto-assets on behalf
clients, a description
the execution policy; (q) where the applicant intends to provide advice on crypto-assets or portfolio management
crypto-assets, proof that the natural persons giving advice on behalf
the applicant crypto-asset service provider or managing portfolios on behalf
the applicant have the necessary knowledge and expertise to fulfil their obligations; (r) where the applicant intends to provide transfer services for crypto-assets on behalf
clients, information on the manner in which such transfer services shall be provided; and (s) the type
crypto-asset to which the cryptoasset service relates: Provided that for the purposes
paragraphs (g) and (h), an applicant shall provide proof
all
the following: (a) for all members
the management body
the applicant, the absence
a criminal record in respect
convictions and the absence
penalties imposed in accordance with the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering MARKETS IN CRYPTO-ASSETS and counter-terrorist financing, to fraud or to professional liability; (b) that the members
the management body
the applicant collectively possess the appropriate knowledge, skills and experience to manage the crypto-asset service provider and that such persons are required to commit sufficient time to perform their duties; and (c) for all shareholders and members, whether direct or indirect, that have qualifying holdings in the applicant, the absence
a criminal record in respect
convictions or the absence
penalties imposed in accordance with the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability.
sub-articles
receipt
an application referred to in sub-article
receipt
an application referred to in sub-article
the deadline set by it in accordance with sub-article
receipt
a complete application, assess whether the applicant complies with the requirements
the MiCA Regulation and the provisions
this Part, and shall take a fully Cap. 376 MARKETS IN CRYPTO-ASSETS reasoned decision granting or refusing an authorisation to act as a crypto-asset service provider: Provided that the competent authority shall notify the applicant
its decision within five
the date
such decision: Provided further that the assessment referred to in this subarticle shall take into account the nature, scale and complexity
the crypto-asset services that the applicant intends to provide.
the said period, request any further information that is necessary to complete the assessment referred to in sub-article
request for missing information by the competent authority and the receipt by it
a response thereto from the applicant: Provided that suspension referred to in this sub-article shall not exceed twenty
sub-article
the information provided in terms
this article, shall be at its discretion but shall not result in a suspension
the assessment period set out in sub-article
the MiCA Regulation and this article shall specify the crypto-asset services that the crypto-asset service provider, to which such authorisation was granted, is authorised to provide.
the MiCA Regulation and this article intends to provide crypto-asset services additional to those which it is authorised to provide, it shall submit a request to the competent authority for an extension
the authorisation granted to it, by complementing and updating the information referred to in Article 62
the MiCA Regulation and this article: MARKETS IN CRYPTO-ASSETS Provided that the request for extension shall be processed in accordance with Article 63
the MiCA Regulation and this article. 29.
Directive (EU) 2015/849, the competent authority shall ensure that the applicant complies with the provisions
regulations 12
the Prevention
Money Laundering and Funding
Terrorism Regulations before granting or refusing an authorisation to act as a crypto-asset service provider in accordance with the provisions
the MiCA Regulation and this Act. Refusal
authorisation. S.L. 373.01.
the MiCA Regulation and this Act, the competent authority shall ensure that the applicant complies with the provisions
regulation 11
the Prevention
Money Laundering and Funding
Terrorism Regulations, where applicable. S.L. 373.01.
the MiCA Regulation and article 28 where there are objective and demonstrable grounds that: (a) the management body
the applicant poses a threat to its effective, sound and prudent management and business continuity, and to the adequate consideration
the interest
its clients and the integrity
the market, or exposes the applicant to a serious risk
money laundering or terrorist financing; (b) the members
the management body
the applicant do not meet the criteria set out in Article 68
the MiCA Regulation; (c) the shareholders or members, whether direct or indirect, that have qualifying holdings in the applicant do not meet the criteria
sufficiently good repute set out in Article 68
the MiCA Regulation; and, or (d) the applicant fails to meet or is likely to fail to meet any
the requirements
the MiCA Regulation and this Part.
sub-article
the MiCA Regulation and article 28 where: (a) there exist close links between the applicant and other natural or legal persons and the said links prevent the effective exercise
their supervisory functions; and, or (b) the laws, regulations or administrative provisions MARKETS IN CRYPTO-ASSETS
a third country governing one or more natural or legal persons with which the applicant has close links, or any difficulties involved in their enforcement, prevent the effective exercise
its supervisory functions. Withdrawal
authorisation. 30.
the MiCA Regulation and article 28 in any
the following situations: (a) the crypto-asset service provider has not used its authorisation within twelve
the date
the authorisation; (
the MiCA Regulation, this Act and, or any regulations made and, o r Rules issued thereunder, including the provisions relating to the protection
holders
crypto-assets or
clients
crypto-asset service providers, or market integrity.
sub-article
the MiCA Regulation and article 28 in any
the following situations: (a) the crypto-asset service provider has infringed the provisions
national law transposing Directive (EU) 2015/ 849; and, or (b) the crypto-asset service provider has lost its MARKETS IN CRYPTO-ASSETS authorisation as a payment institution or its authorisation as an electronic money institution, and such crypto-asset service provider has failed to remedy the situation within forty
sub-articles
an authorisation granted to a crypto-asset service provider under Article 63
the MiCA Regulation and article 28 to a particular crypto-asset service. 31.
the MiCA Regulation and article 28 or to withdraw the authorisation granted to a crypto-asset service provider under Article 63
the MiCA Regulation and article 28; or Notice
proposed refusal, variation, or withdrawal
an authorisation. (b) vary any condition to which an authorisation granted under Article 63
the MiCA Regulation and article 28 is subject to or to impose a condition thereon, it shall give the applicant or the issuer
an asset-referenced token, as applicable, notice in writing
its intention to do so, while setting out the reasons for the decision it proposes to take.
the notice may, within such reasonable period after the service thereof as may be stated in the notice, make representations in writing to the competent authority giving reasons why the proposed decision should not be taken, and the competent authority shall consider any representation so made before arriving at a final decision.
the MiCA Regulation and article 28, the competent authority shall as soon as practicable notify its final decision in writing to any
the persons to whom notice is to be given under sub-article
the Member States in which the cryptoasset service provider intends to provide crypto-asset services; (
the intended provision
the crypto-asset services; and Cross-border provision
crypto-asset services. MARKETS IN CRYPTO-ASSETS (d) a list
all other activities provided by the cryptoasset service provider not covered by the MiCA Regulation and this Act.
rec eipt
the information re ferred to in sub-article
contact
the host Member States, to ESMA and to the EBA.
the communication referred to in subarticle
receipt
the communication referred to in sub-article
proposed acquisitions
crypto-asset service providers. Cap.
this article: (
the MiCA Regulation and article 28, a credit institution licensed under the Banking Act, a central securities depository authorised under the Financial Markets Act, a financial institution authorised to issue electronic money under the Financial Institutions Act, or a person licensed as an investment services licence holder under the Investment Services Act.
the voting rights or
the capital held would reach or exceed twenty per cent (20%), thirty per cent (30%) or fifty per cent (50%), or so that the crypto-asset provider would become its subsidiary, shall notify the competent authority thereof in writing, indicating the size
the intended holding and the information required by the regulatory technical standards adopted by the European Commission in accordance with Article 42
the MiCA Regulation.
a qualifying holding in a cryptoasset service provider shall, prior to disposing
such holding, notify in writing the competent authority
its decision and indicate the size MARKETS IN CRYPTO-ASSETS
such holding: Provided that any such person as referred to in this subarticle shall also notify the competent authority where it has taken a decision to reduce a qualifying holding so that the proportion
the voting rights or
the capital held would fall below ten per cent (10%), twenty per cent (20%), thirty per cent (30%), or fifty per cent (50%), or so that the crypto-asset service provider would cease to be that person’s subsidiary.
a notification in accordance with sub-article
the notification provided in accordance with this sub-article, the competent authority shall inform the proposed acquirer
the date
expiry
the assessment period determined in accordance with the provisions
sub-article
the MiCA Regulation, within sixty
the date
the written acknowledgement
receipt referred to in sub-article
the written acknowledgement
receipt referred to in sub-article
a third country.
sub-article
the information received shall not result in a suspension
the assessment period set out in sub-article
the assessment referred to in sub-article
its decisions, and provide the reasons for its decision, within two
this article.
this article, the proposed acquisition shall be deemed to be approved.
the proposed acquisition referred to in sub-article
proposed acquisitions
crypto-asset service providers. 34.
the MiCA Regulation and article 33
the proposed acquirer and the financial soundness
the proposed acquisition referred to in Article 83
the MiCA Regulation and article 33
the following criteria: (a) the reputation
the proposed acquirer; (b) the reputation, knowledge, skills and experience
any person who is to direct the business
the crypto-asset provider as a result
the proposed acquisition; (c) the financial soundness
the proposed acquirer, in particular in relation to the type
business envisaged and pursued in respect
the crypto-asset service provider in which the acquisition is proposed; (d) whether the crypto-asset service provider will be able to comply and continue to comply with the provisions
the MiCA Regulation and this Part; and (e) whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or the funding
terrorism within the meaning
article 2
the Prevention
Money Laundering Act is being or has been committed or attempted, or that the proposed MARKETS IN CRYPTO-ASSETS acquisition could increase the risk thereof.
the MiCA Regulation and article 33
the MiCA Regulation and article 33
the MiCA Regulation and article 33
the economic needs
the market. PART VI PREVENTION AND PROHIBITION
MARKET ABUSE 35.
ferors and persons seeking admission to trading shall inform the public as soon as possible
inside information referred to in Article 87
the MiCA Regulation that directly concerns them, in a manner that enables fast access as well as complete, correct and timely assessment
the information by the public: Provided that issuers,
ferors and persons seeking admission to trading shall not combine the disclosure
inside information to the public with the marketing
their activities: Provided further that issuers,
ferors and persons seeking admission to trading shall post and maintain on their website, for a period
at least five
ferors and persons seeking admission to trading may, on their own responsibility, delay disclosure to the public
inside information referred to in Article 87
the MiCA Regulation provided that all
the following conditions are met: (a) immediate disclosure is likely to prejudice the legitimate interests
the issuers,
ferors or persons seeking admission to trading; (b) public; and delay
disclosure is not likely to mislead the (c) issuers,
ferors or persons seeking admission to trading are able to ensure the confidentiality
such information.
feror or a person seeking admission to trading has delayed the disclosure
inside information in accordance with sub-article
the information was delayed and shall provide a written Public disclosure
inside information. MARKETS IN CRYPTO-ASSETS explanation
how the conditions set out in sub-article
this article shall only apply: (a) with respect to issuers,
ferors and persons seeking admission to trading
crypto-assets other than assetreferenced tokens or e-money tokens when Malta is the home Member State; (b) with respect to issuers,
ferors and persons seeking admission to trading
asset-referenced tokens being credit institutions licensed as such under the Banking Act or persons authorised under Article 21
the MiCA Regulation and article 11; and Cap. 371. (c) with respect to issuers,
ferors and persons seeking admission to trading
e-money tokens being credit institutions licensed as such under the Banking Act or financial institutions authorised to issue electronic money under the Financial Institutions Act. Prevention and detection
market abuse. 36.
fice or its head
fice in Malta, or if it is a branch situated in Malta, shall be subject to any applicable notification requirements established in national law, including this Act and any regulations made and Rules issued thereunder, and shall without delay report to the competent authority any reasonable suspicion regarding an order or transaction, including any cancellation or modification thereof, and other aspects
the functioning
the distributed ledger technology suc h a s t he c ons e ns us m e ch a ni sm , whe re th e r e m i ght e xis t circumstances indicating that market abuse has been committed, is being committed or is likely to be committed.
suspicious orders or transactions in accordance with sub-article
the trading platforms concerned. PART VII REGULATORY AND INVESTIGATIVE POWERS Powers
the Minister. 37.
the competent authority, may make regulations to give effect to the provisions
this Act, and without prejudice to the generality
the foregoing may, by such regulations, in particular, do any
the following: MARKETS IN CRYPTO-ASSETS (a) provide for and regulate the payment by any person or body, as the case may be,
authorisation or other fees and such other charges payable to the competent authority in respect
any matter provided for, by or under the MiCA Regulation, this Act and any regulations made, and Rules issued thereunder, including the fees and charges in respect
any permission, licence, authorisation, exemption or other benefit, as well as any fees and charges in respect
the competent authority’s regulatory, supervisory or investigative functions under the MiCA Regulation, this Act and any regulations made, and Rules issued thereunder, as may be prescribed; (b) exempt any person, service or activity from any one or more
the provisions
the MiCA Regulation and, or this Act, subject to such variations, additions, adaptations and modifications as may be prescribed and subject to such conditions or other requirements, including other forms
authorisation and notification procedures, as may be prescribed; (c) transpose, implement and give effect to the provisions and requirements
the MiCA Regulation; (d) transpose, implement and give effect to the provisions and requirements
European Union Directives, European Union Regulations and any other legislative measures
the European Union requiring transposition and, or implementation, as they may be amended from time to time, including any implementing measures that have been, or may be issued thereunder and relating to authorised persons and others as may be specified therein. Regulations made under this paragraph, and strictly related to transpositions or implementations as aforesaid, may provide that any provision
this Act or
any other law shall not apply to matters falling under such regulations, and that insofar as any
the provisions
the regulations are inconsistent with the provisions
this Act or
any other law, such provisions in any such regulations shall prevail; (e) assign powers and functions to the competent authority for the purposes
the MiCA Regulation and this Act, and provide for the exercise
such powers and the performance
such functions; (f) provide for the establishment and imposition
administrative penalties and other administrative measures that the competent authority may impose on crypto-asset service providers, issuers,
ferors, persons seeking admission to trading and any other persons as may be specified therein; MARKETS IN CRYPTO-ASSETS (g) prescribe that a breach
any regulations made under this Act may amount to a criminal
fence as may be specified, and such regulations may impose punishments in respect
any breach, consisting
a fine (multa) not exceeding five million euro (€5,000,000) or imprisonment for a term not exceeding six
a natural person; and a fine (multa) not exceeding fifteen million euro (€15,000,000) in the case
a legal person; and a higher fine (multa) may be imposed on such natural or legal person, as the case may be, where deemed necessary or appropriate for any breach or failure
compliance with any European Union Directive or European Union Regulation or with any regulations made under this article to transpose or to give effect to any European Union Directive or European Union Regulation; (h) prescribe anything which may be prescribed; and (i) provide for any matter incidental to, connected with any
the above stipulated paragraphs. or
adaptation
the regulations as may also be so specified.
this article, the competent authority may issue Rules for the better carrying out and implementation
the provisions
any regulations made in accordance with this Act.
such regulations, may be published in the English language only.
any
the powers assigned under this article shall be subject to any obligations or rights arising from Malta’s international commitments. Powers to issue Rules. 38.
sub-article
the MARKETS IN CRYPTO-ASSETS competent authority, their activities, the conduct
their business, their relations with customers, the public and other parties, their responsibilities to the competent authority, reporting requirements, financial and other resources and related requirements, and any other matters as the competent authority may consider appropriate; (
the MiCA Regulation; (e) transpose, implement and give effect to the provisions and requirements
European Union legislation and any other legislative measures
the European Union requiring transposition and, or implementation, as they may be amended from time to time, including any implementing measures that have been, or may be issued thereunder and relating to authorised persons and others as may be specified therein; and, or (f) regulate any matter that is incidental to, or connected with any
the matters mentioned above as the competent authority may consider appropriate in the performance
its functions.
adaptation
the Rules as may also be so specified. 39.
the following: (
ferors and persons seeking admission to trading; (
ficers and other employees
such person, and any third party providing a service to such person; (c) any person who is successively involved in the transmission
orders or conduct
the operations concerned, as well as their principals; and, or MARKETS IN CRYPTO-ASSETS (d) any other person who appears to be in possession
any relevant information.
information imposed by contract or by any legislative, regulatory or administrative provision, and shall not be subject to liability
any kind related to the provision
such information and, or documentation.
any document furnished, provided or to which it has access in accordance with this article.
his knowledge, that information and, or documentation can be found, and the competent authority may require any person, whether indicated as aforesaid or otherwise, who appears to the said authority to be in possession
such information and, or documentation to provide it as requested.
this article shall not apply to information and, or documentation which is privileged in accordance with the provisions
article 642
the Criminal Code.
carrying out his functions under his appointment, have all the powers and functions conferred on the competent authority by this article and a requirement imposed by such person shall be deemed to be and have the same force and effect as a requirement imposed by the competent authority. 41.
any persons referred to in article 40
an investigation, investigate the affairs
any person mentioned in sub-article
the competent authority; and (c) may, and if so directed by the competent authority shall, prepare and submit interim reports and, on the conclusion
the investigation, a final report to the competent authority.
this article, the inspectors may include an advocate, a person authorised to carry out the profession
accountant or auditor in accordance with the Accountancy Profession Act, or a person considered by the competent authority as possessing suitable expertise to exercise such function.
, and incidental to an investigation carried out in accordance with this article shall be paid by the persons referred to in sub-article
entry. 42.
ficer, employee or agent
the competent authority, on producing evidence
his authority, if required, shall have the power to enter any premises, other than the private residences
natural persons, occupied by a person on whom a notice has been served in accordance with article 40 or whose affairs are being investigated in accordance with article 41, for the purpose
obtaining therefrom the information or documents required by such notice, or for the purpose
carrying out on-site inspections or investigations, and
exercising any
the powers conferred by the said articles: Provided that the right
entry under this sub-article shall also apply to private residences
natural persons where such entry is necessary for the competent authority to fulfil its duties under Title VI
the MiCA Regulation and Part VI.
ficer, employee or agent
the competent authority has cause to believe that if the notice referred to in article 40 were to be served, it would not be complied with, or that any documents to which it may relate would be removed, tampered with or destroyed, such
ficer, employee or agent shall have the power, on producing evidence
his authority, if required, to enter any premises in accordance with sub-article
obtaining any information or documents specified in the authority, being information or documents that may have been required in accordance to such notice as referred to in article 40. MARKETS IN CRYPTO-ASSETS
any action taken in accordance with the provisions
this article, the competent authority may request the assistance
the Commissioner
Police, who may for such purpose exercise such powers as are vested in him by law. 43.
crypto-asset services for a maximum
thirty
the provisions
the MiCA Regul
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.