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Six years of regulation and supervision of crypto-assets in Malta: The approach and lessons learned

Author

Listed:
  • Buttigieg, Christopher P.

    (Chief Officer for Supervision, Malta Financial Services Authority, Malta)

  • Cuyle, Samantha

    (Assistant Manager, Malta Financial Services Authority, Malta)

Abstract

This paper aims to provide a concise overview of key milestones in the development of Malta’s regulatory and supervisory framework for crypto-assets. It outlines the Malta Financial Services Authority’s (MFSA) regulatory approach, grounded in the principle of ‘same activity, same risk, same standard of regulation and supervision’. This posed a unique challenge, as the crypto-asset sector was unregulated at the time, leaving the MFSA to rely on its experience in traditional sectors. This paper also explores the challenges faced in authorising and supervising crypto-asset service providers, comparing the Maltese Virtual Financial Assets Act with the Markets in Crypto-Assets Regulation, and concludes with a critical reflection on lessons learned.

Suggested Citation

  • Buttigieg, Christopher P. & Cuyle, Samantha, 2025. "Six years of regulation and supervision of crypto-assets in Malta: The approach and lessons learned," Journal of Financial Compliance, Henry Stewart Publications, vol. 8(3), pages 233-244, March.
    • Handle: RePEc:aza:jfc000:y:2025:v:8:i:3:p:233-244
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    More about this item

    Keywords

    crypto-assets; Malta Financial Services Authority; financial regulation; financial supervision; virtual financial assets;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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