Once upon a twinkly little island, where the sun shines brighter than a golden Bitcoin, Malta’s so-called cryptocurrency licensing extravaganza found itself poked and prodded by the grandly named and very serious European Securities and Markets Authority (ESMA). Yes, Europe’s top watchdogs—armed with clipboards, frowns, and probably not enough sunblock—descended upon Malta to peer at its Markets in Crypto-Assets Regulation (MiCA) licensing like a witch eyeing a suspicious cauldron.
On a perfectly ordinary Thursday (unless you’re Malta’s Financial Services Authority, in which case—yikes), ESMA declared in its oh-so-official review that Malta’s paperwork parade wasn’t exactly dazzling. Sure, the MFSA managed to tick a few boxes, hire a few keen-eyed staff, and set up some chairs for supervisors. Bravo! 👏 Yet, when it came to actually authorizing a mysterious and nameless crypto asset service provider—let’s call it MysteriCoin—they only managed to partially impress. Partial! As in, “almost, but not really.”
Faced with a rather unimpressed report, the ESMA’s Peer Review Committee—think of them as the hall monitors of EU finance—gently nudged the MFSA to maybe, possibly check for any gaping chasms they’d missed when handing out licenses, and to actually think about those before handing out any more. Imagine being sent back to check your homework… aged 47.
Malta’s Regulatory Tale Takes Flight
The report burst forth over a year after MiCA strutted onto the stage (June 29, 2024—a date that will live in compliance glory), much like a new headmaster proclaiming, “There shall be rules!” MiCA’s aim? To make sure all National Competent Authorities (NCAs)—honestly, who names these things?—follow the same crypto rulebook, no matter how sunny their office windows.
December 2024 saw the European Banking Authority’s Board of Supervisors (let’s call them Bosses of the Big Boss Table) decide that everyone had to start singing from the same hymn sheet when giving out crypto licences. Fast forward to April 2025, and ESMA, likely fuelled by strong European coffee, launched a peer review of Malta’s licensing adventures. Because, as everyone knows, nothing says “party” like an “ad hoc Peer Review Committee.”
“Though we’ve only poked one country, we hope everyone else is watching,” thundered the report, sipping metaphorical tea and glaring at all the other NCAs hiding in the back row. “Consistency is, as always, an excellent buzzword.”
MFSA’s Authorisation: Not Quite Magic
After poking at Malta’s paperwork pile, the PRC reported that, yes, the MFSA has collected just enough crypto know-how and recruited a fistful of clever folk to keep an eye on things. Three areas came under their magnifying glass:
- Supervisory settings and resources (chairs positioned? check!)
- The hallowed authorization process (less check!)
- Supervisory review and the mighty use of “adequate powers” (sounding strong but still not full marks!)
The main takeaway? Malta did a passable job with supervision but somehow left the license gate half open for certain unnamed CASPs. Talk about making suspense out of bureaucracy!
The PRC’s advice to MFSA: Please, pretty please, keep an eye on those application numbers. Don’t just rubber stamp. Maybe even invent a new dance: the “Timely Adjustment Two-Step.”
Officials also hinted (not subtly) that all EU state NCAs had better pay attention. Eyes up, everyone:
“Because these crypto creatures are new and ever so wiggly, all NCAs should seriously pay close attention to the fine print. Scared yet? You should be!”
Malta’s Crypto Quartet: The Usual Suspects
While ESMA keeps us guessing about which mysterious company bungled Malta’s reputation, no word on whether anyone will get their licenses yanked away or if anyone will even notice.
“It’s all a bit murky without details,” mused Nathan Catania, partner at XReg Consulting, possibly while spinning in a swivel chair. “Don’t bet on any revocations just yet,” he shrugged, popping a metaphorical monocle.
Four companies sit atop the grand MFSA register, all glinting with shiny MiCA licenses: BP23 (that’s Bitpanda wearing a mustache), Foris Dax (Crypto.com’s secret identity), Okcoin Europe (who moonlights as OKX), and Zillion Bits (ZBX, because numbers are so 2022).
But beware: In April, Okcoin Europe’s pockets felt $1.2 million lighter after Malta’s Intelligence Unit caught it breaking the rules back in 2023. Maybe they didn’t show their homework either! All this came right on the heels of OKX gleefully picking up its MiCA license in January 2025. Timing is everything!
No word yet from the ESMA or MFSA about what actually happens to these four golden ticket holders. Are they worried? Are they dusting off their briefcases? Are they just… ignoring everything and having an Aperol spritz? Nobody knows, because no one responded to journalists by publication time. Maybe they were too busy actually reading the fine print.
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2025-07-10 16:01