EU financial regulator reviews Malta’s fast-track authorization process for crypto assets

PANews reported on July 10 that according to CoinDesk , the European Securities and Markets Authority ( ESMA ) recently conducted a peer review of Malta's authorization procedures under the Crypto Asset Market Regulation ( MiCA ). ESMA questioned the Malta Financial Services Authority ( MFSA ) for issuing authorization to a crypto asset service provider ( CASP ) when key issues had not been resolved. The review pointed out that the MFSA failed to make full use of time in the authorization process to ensure that companies rectified core defects before approval. In addition, ESMA also stated that some key areas such as business expansion, conflicts of interest and governance arrangements were not adequately evaluated. Despite this, ESMA believes that Malta has performed well in terms of regulatory resources, and MFSA also welcomed the review opinions.