MFSA Amends MiCA Rulebook

On the 16th of June 2025, the Malta Financial Services Authority (“MFSA”) published a circular containing an updated version of the Markets in Crypto-Assets (MiCA) Rulebook, together with targeted amendments to Chapter 3 of the Financial Institutions Rulebook (FIR/03). These updates implement the recently issued Level 2 and Level 3 EU measures under the MiCA framework and clarify the notification procedures for crypto-asset market participants.

The updated provisions are effective immediately as of its publication.

The updates to the MiCA rulebook were carried out to ensure alignment with recently published guidelines by the European Supervisory Authorities (“ESAs”), and are as follows:

– R2-2.1.4 – Updated to ensure the application of the ESMA Guidelines on the qualification of crypto-assets as financial instruments.
– R2-2.4.1 – Revised to incorporate the joint EBA and ESMA Guidelines on the suitability of management body members of both crypto-asset service providers and issuers of asset-referenced tokens.
– R2-3.2.1 – Aligned with the ESMA Guidelines on the maintenance of systems and security access protocols, supplementing Article 14(1) MiCA.
– R3-1.10 – Newly added to implement ESMA’s supervisory guidance on market abuse detection and prevention.
– R2-3.2.5 – New rule introduced to clarify the notification process for crypto-assets (excluding EMTs and ARTs) benefitting from the limited network exemption.

Chapter 3 of the Financial Institutions Rulebook (FIR/03) relating to Electronic Money Institutions (“EMIs”) has been amended to include R3-3.5.6.1 which sets out the procedure to be followed by issuers of e-money tokens (EMTs) wishing to submit a MiCA Article 60(4) notification.

Our FinTech team can assist with queries related to the application, authorisation, and ongoing licensing obligations under the EU’s MiCAR and Malta’s rules.