Malta’s MFSA Partially Meets Expectations in MiCA Authorization Process for OKX and Other CASPs
2025-07-10 12:56:29
Main Idea
ESMA's peer review found that Malta's MFSA partially met MiCA authorization standards for crypto asset service providers (CASPs), highlighting gaps in supervision and urging improvements to align with EU-wide regulations.
Key Points
1. ESMA's review identified that Malta's MFSA had a solid supervisory infrastructure and adequate staffing but only partially met authorization standards for a specific CASP.
2. The review underscores challenges in uniformly implementing MiCA’s regulatory standards across EU national competent authorities (NCAs).
3. ESMA recommended that the MFSA enhance its supervisory practices, particularly in ongoing review, regulatory powers, and risk assessment during authorization.
4. Malta currently has four licensed CASPs under MiCA: Bitpanda, Crypto.com, OKX, and ZBX, though the review did not specify which one was partially authorized.
5. The findings may prompt the MFSA to tighten supervisory practices to maintain alignment with MiCA and EU regulatory expectations.
Description
Malta’s Financial Services Authority (MFSA) has faced scrutiny from the European Securities and Markets Authority (ESMA) for partially meeting expectations in the authorization process of a crypto asset service provider
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