Tag

MiCA

Payments Insights #6 – EU Legislative Drafting Status of PSD3 and PSR Banking & FinanceFinTech

Payments Insights #6 – EU Legislative Drafting Status of PSD3 and PSR

When the Second Payment Services Directive ('PSD2') replaced the First Payment Services Directive, the EU had solidified the regulatory architecture governing payment services across the single market; and this has served the ecosystem well for the past decade. On 18th May 2026, the Chair of the European Parliament's Committee on Economic and Monetary Affairs wrote to the EU Council Presidency to confirm that if the EU Council transmits its position on the Third Payment Services Directive (“Proposed PSD3”) and the Payment Services Regulation (“Proposed PSR”) in its current form, the Committee will recommend adoption at second reading without amendment. The…
Mario Mizzi
27th May 2026
Fintech Insights #12 – MiCA & Prevention of Market Abuse FinTechInvestment Services & Funds

Fintech Insights #12 – MiCA & Prevention of Market Abuse

One of the aims of Regulation (EU) 2023/1114 (“MiCA”) is to bring stability to digital asset markets by ensuring that market abuse is prevented before it can even occur. In Malta, the MFSA enforces these standards through the powers given to it under Chapter 647 together with second-level measures, including European Commission Delegated Regulations and ESMA Regulatory Technical Standards. The rules on market abuse in MiCA closely correspond to those of the EU’s Market Abuse Regulation (“MAR”). For crypto-asset service providers (“CASPs”) the task is clear: prevent abuse and protect market stability with firm governance, disciplined disclosure, and surveillance that…
Mario Mizzi
20th May 2026
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ESMA Supports MFSA’s MiCA Approach FinTech

ESMA Supports MFSA’s MiCA Approach

On the 10th of July 2025, the European Securities and Markets Authority (ESMA) published the results of its first peer review of a Crypto-Asset Service Provider (CASP) authorisation under the Markets in Crypto-Assets Regulation (MiCA). The review, focused on Malta, marks an important milestone in the EU’s transition to a harmonised regulatory framework for crypto-assets. The review can be accessed on this link. Malta, which had already established a structured national framework through its Virtual Financial Assets (VFA) regime in 2018, was among the first jurisdictions to operationalise MiCA. The peer review confirms that the Malta Financial Services Authority (MFSA)…
Mamo TCV Advocates
10th July 2025
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Payments Insights #5 – When CASPs Overlap PSPs Banking & FinanceFinTech

Payments Insights #5 – When CASPs Overlap PSPs

The EU’s Markets in Crypto-Assets Regulation (MiCA) provides in Article 70(4) that a crypto-asset service provider (CASP) offering payment services related to its crypto activities must either obtain a payment institution authorisation itself or partner with an authorised payment service provider (PSP) under PSD2. This reflects the “dual nature” of certain crypto-assets: notably, MiCA classifies e-money tokens (i.e. stablecoins) as electronic money, meaning they are not only crypto-assets under MiCA but also “funds” under the Second Payment Services Directive (PSD2). In practice, this dual status raised uncertainty about whether CASPs dealing in stablecoins need a separate PSD2 licence in addition…
Katya Tua and Mario Mizzi
4th July 2025
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ICT Aspects of a MiCA Application DORAFinTech

ICT Aspects of a MiCA Application

On the 17th of June 2025, the Malta Financial Services Authority (“MFSA”) published a circular titled ‘Follow-Up Circular to the Industry on the Authorisation Process for MiCA Applicants’. The circular concerns the authorisation process for crypto-asset service providers (CASPs) under Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA), as integrated in Maltese law through Chapter 647.  This circular supplements the Authority’s communication of the 10th December 2024 which was explained in a previous legal update. The June 2025 circular introduces two additional annexes that are now required as part of a complete MiCA application file. These are Annex AX05 (Digital…
Mamo TCV Advocates
20th June 2025
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MFSA Amends MiCA Rulebook FinTech

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…
Mamo TCV Advocates
17th June 2025