EU Financial Regulatory Authority Reviews Malta's Fast Track Authorization Process for Crypto Assets

PANews, July 10 - According to CoinDesk, the European Securities and Markets Authority (ESMA) has recently conducted a peer review of Malta's authorization process under the Markets in Crypto-Assets Regulation (MiCA). ESMA questioned the Malta Financial Services Authority (MFSA) for granting authorization to a certain Crypto Asset Service Provider (CASP) while key issues remained unresolved. The review pointed out that the MFSA failed to effectively utilize time during the authorization process to ensure that the business rectified core deficiencies before approval. Additionally, ESMA stated that assessments in key areas such as business expansion, conflicts of interest, and governance arrangements were insufficient. Nevertheless, ESMA recognized Malta's performance in terms of regulatory resources, and the MFSA expressed its appreciation for the review's feedback.