The European Securities and Markets Authority (ESMA) has scrutinized Malta's cryptocurrency licensing, particularly the process managed by the Malta Financial Services Authority (MFSA). In a recent review, ESMA noted that while the MFSA met some supervisory expectations, it only partially fulfilled requirements in authorizing a specific crypto asset service provider (CASP). The ESMA's Peer Review Committee (PRC) urged the MFSA to address unresolved issues from the authorization process. This review follows the implementation of the Markets in Crypto-Assets Regulation (MiCA) framework, which aims to standardize crypto regulations across the EU. The PRC highlighted that the MFSA possesses adequate expertise and resources for CASP supervision but must closely monitor the rise in authorization applications. Although the ESMA did not disclose the CASP's identity, experts suggest that the review's findings may not lead to immediate license revocations. Currently, four companies are registered under MiCA in Malta, including Bitpanda and Crypto.com. Read more AI-generated news on: https://app.chaingpt.org/news