Europe’s Financial Watchdog Probes Malta Over Fast-Track MiCA Authorizations
2025-07-10 11:40:17
Main Idea
The European Securities and Markets Authority (ESMA) has conducted a peer review of Malta's application of the MiCA regime, questioning the timing of the authorization of a specific crypto asset service provider (CASP).
Key Points
1. ESMA's Peer Review Committee (PRC) focused on the authorization of a specific CASP entity under the MiCA regime.
2. The PRC questioned why the Malta Financial Services Authority (MFSA) did not leverage the authorization process more effectively.
3. The review highlighted risks related to ICT infrastructure, custody, booking model, Web3 services, and AML/CFT controls.
4. The MFSA welcomed ESMA's findings, stating they are invaluable for improving supervision of the crypto sector.
5. OKX, a top-five crypto exchange, was granted pre-authorization status in a settlement with the U.S. Department of Justice, but it is unclear if it is the CASP entity referred to in the review.
Description
The European Securities and Markets Authority (ESMA), the financial watchdog for the 27-country trading block, has carried out a peer review of Malta’s application of the Markets in Crypto Assets (MiCA) regime, with specific attention to the island’s fast-tracked authorization of a certain unnamed crypto firm . ESMA’s Peer Review Committee (PRC) focuses on the authorization of a specific crypto asset service provider or “CASP entity,” which was cleared for MICA despite the fact that “material is...
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