Malta updates crypto guidelines to match MiCA
A public feedback period is open until Sept. 29

Millenius/Shutterstock modified by Blockworks
Malta is updating its crypto guidelines to match the Markets in Crypto Assets regulation when it’s enacted in December 2024.
The regulatory framework was passed earlier this summer. However, the amendments put forth by Malta will be enacted in a three-month transitory period following the release of the changes to allow virtual financial services (VFA) providers to adjust.
A feedback period for the public is open until Sept. 29.
As part of the changes, the Malta Financial Services Authority (MFSA) can object to the appointment or replacement of a required IT auditor. It also gives the MFSA the ability to order a review or audit of IT systems, which can be done by an outside auditor.
A letter of engagement is also required, ensuring that the auditor and crypto company are clear on their responsibilities.
“The IT Auditor shall also be required to advise the MFSA if there are matters it considers should be brought to the attention of the MFSA,” the framework continued.
In addition, the MFSA will require the company to disclose the “scale, nature and range of VFA services provided.”
While not mandatory, the MFSA added that licensed VFAs can appoint custodians, though it will need to put forth a detailed assessment of the custodian, which includes the systems, controls and experience of the custodian.
Read more: MiCA isn’t a safety net, EU securities chief warns
Additionally, license holders will be required to produce a “plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity and recovery of any critical activities” that the holder performed. Service providers including custody, VFA exchanges, and placing of VFAs will be required to put such a plan in place.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
- Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.