The Maltese financial market regulator is opposed to pressure from other EU Member States, so that the European Office of Stock Exchange and Securities (ESMA) supervises cryptocurrency companies.
Malta is on “no”
France, Italy and Austria want ESMA to directly supervise the market of large cryptocurrency companies. These countries expressed fears that national regulatory authorities may inconsistently interpret the MICA regulations, which may lead to the formation of legal gaps – or more precisely: some jurisdictions will try to offer a more liberal regulatory environment than others (Poland certainly nobody will accuse of it). The French Financial Supervision Authority even suggested that it could question cryptocurrency licenses issued by other EU countries if it considers that the standards used are uneven.
The Malta Office for Financial Services (MFSA) emphasized that it supports the coordination of regulatory work, but not centralization. The office admitted that centralization at this stage would introduce an additional level of bureaucracy, which may hinder efficiency when the EU actively strives to increase competitiveness in the international arena.
The Ministry of Finance confirmed its support for the role of ESMA in promoting the convergence of supervision in EU Member States, but rejected the option of direct control.
Esma takes a closer look at Malta
ESMA reviewed the Maltese licensing procedures for companies from the cryptocurrency market at the beginning of this year and published a report on the analysis in July. It was emphasized that the MFSA partly met the expectations of the authorization of service providers related to digital assets, but it was added that several important issues remained at this level of unsolved.
In the European Union, there is now a conflict on MIC, which does not allow a bright consensus to be achieved in terms of full implementation of regulation. According to the published report of the Center for European Policy Studies (CEPS), Mica faces the first serious test of credibility, even in the matter of treating Stablecoin emitted in many versions. The publication noted that institutional disputes caused uncertainty as to the admissibility of stablecoin issued jointly by EU and from outside the EU.
Everything happens when Polish companies have other problems: market regulation has become a political problem.
