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

Christopher P. Buttigieg and Samantha Cuyle
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Christopher P. Buttigieg: Chief Officer for Supervision, Malta Financial Services Authority, Malta
Samantha Cuyle: Assistant Manager, Malta Financial Services Authority, Malta

Journal of Financial Compliance, 2025, vol. 8, issue 3, 233-244

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.

Keywords: crypto-assets; Malta Financial Services Authority; financial regulation; financial supervision; virtual financial assets (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2025:v:8:i:3:p:233-244

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