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Furthering MiCAR in Malta by Chapter 647
Fintech Insights #8 –
Furthering MiCAR in Malta by Chapter 647
FinTech

Fintech Insights #8 –
Furthering MiCAR in Malta by Chapter 647

Chapter 647 of the Laws of Malta, titled the Markets In Crypto-Assets Act (hereinafter referred to as “Chapter 647”), integrates all aspects of Regulation (EU) 2023/1114 of the European Parliament and Council on markets in crypto-assets (“MiCAR”). MiCAR regulates the issuers of asset-referenced tokens (“ARTs”), electronic money tokens (“EMTs”), other types of tokens, as well as the conduct of crypto asset service providers (“CASPs”). Malta’s presidential assent to Chapter 647 was given on the 5th of November 2024 through  Act No. XXXVI of 2024 (“Act 36 (2024)”); and it was promulgated on the same day. Similar to MiCAR, Act 36…
Mario Mizzi
12th November 2024
Mamo TCV Advocates - Integration of EU’s MiCAR in Maltese law
FinTech Insights #7 –
Integration of EU’s MiCAR in Maltese law
FinTech

FinTech Insights #7 –
Integration of EU’s MiCAR in Maltese law

Malta has been a forerunner in regulating digital assets with the introduction of the Virtual Financial Assets Act, Chapter 590 of the Laws of Malta (the “VFA Act”) back in 2018.  Following its approval in 2022 and publication in 2023, Regulation (EU) 2023/1114 of the European Parliament and Council on markets in crypto-assets (“MiCAR”) has an 18-month window to become fully enforceable by 30th December 2024. However, MiCAR’s Title III and Title IV on issuing and regulating stablecoins will be applicable from 30th June 2024 according to Article 149 MiCAR.  Rules on crypto-asset service providers in Title V of MiCAR…
Mario Mizzi
26th June 2024
Mamo TCV: To date, Embedded Finance has neither been defined in Maltese nor EU law
FinTech Insights #6 –
Embedded Finance in Malta
FinTech

FinTech Insights #6 –
Embedded Finance in Malta

The concept of embedding a financial service within a non-financial service entails the integration of licensable financial activities into non-financial digital platforms. The embedded services typically encompass payments, lending, investments, and insurance. The financial services are integrated into platforms such as social media and various productivity/lifestyle applications, which would otherwise not be considered as financial products at all. Embedded Finance (commonly abbreviated as “EmFi”) is the term associated with the notion of integrating a regulated financial service within a digital platform that is unregulated for that specific financial service. EmFi raises legal queries relating to compliance, investor protection, and financial…
Mario Mizzi
22nd March 2024
Fintech Insights #5 –
Reverse Solicitation in EU’s MiCA
Banking & FinanceFinTech

Fintech Insights #5 –
Reverse Solicitation in EU’s MiCA

The Markets in Crypto Assets Regulation (MiCA)1 provides the legal framework for digital asset services within the European Union. This regulation, detailed with its 149 articles and 6 annexes, mandates that entities wishing to provide digital asset services across the EU must secure authorisation in one of the EU Member States. It impacts Malta not only because of the regulation’s direct applicability but also because the jurisdiction is known for its forward-thinking stance in financial technology law due to its early implementation of the Virtual Financial Assets Act, Chapter 590 of the Laws of Malta. In this fintech insight, rather…
Mario Mizzi
14th November 2023
The Parliament of the European Union has approved the ‘Markets in Crypto Assets’ regulation
EU Parliament approves MiCA FinTechLegal Updates

EU Parliament approves MiCA

The European Parliament gave its final approval to the Markets in Crypto-Assets Regulation (‘MiCA’) on 20 April 2023. The regulation forms part of the EU’s broader digital financial package whose aim is to encourage the use of fintech while ensuring consumer protection and financial stability across the EU. MiCA is the first harmonised EU framework for regulating crypto-assets and is applicable across Member States without national transposition. The regulation introduces three sub-categories of crypto-assets, namely asset-referenced tokens, e-money tokens, and other crypto-assets, which includes utility tokens and other cryptocurrencies. MiCA has three distinct regulatory regimes for issuers of stablecoins, non-stablecoins,…
Mamo TCV Advocates
21st April 2023
Mamo TCV FinTech
Agreement Reached on Markets in Crypto-Assets Regulation (MiCA) FinTech

Agreement Reached on Markets in Crypto-Assets Regulation (MiCA)

On 30 June 2022, the Council of the European Union (EU) announced1 that the Council presidency and the European Parliament reached a provisional agreement on the proposed markets in crypto-assets regulation (MiCA).  More details here.  The aim behind the proposed regulatory framework is to bring legal and regulatory certainty for crypto-asset operators across the EU.MiCA forms part of the Digital Finance Package proposed by the European Commission (EC) to fulfil its Digital Finance Strategy, which aims at developing a holistic approach across the EU to foster innovation, whilst ensuring financial stability and consumer protection. The Digital Finance Strategy sets out…
Martha Chetcuti
11th August 2022