The European Securities and Markets Authority (ESMA) has launched a formal review of Malta's authorization process for crypto firms under the Markets in Crypto-Assets (MiCA) regulation, citing concerns over procedural gaps. According to reports, ESMA's Ad Hoc Peer Review Committee found that Malta's Financial Services Authority (MFSA) "partially met expectations" when granting authorization to an unnamed crypto asset service provider (CASP), raising questions about the speed and thoroughness of the approval.
Initiated in April 2025, the review highlighted that Malta's authorization process lacked sufficient scrutiny of unresolved issues at the time of approval. ESMA emphasized that all National Competent Authorities (NCAs) must ensure consistent application of MiCA rules to maintain market integrity. While acknowledging Malta's "good level of expertise" and adequate staffing, ESMA urged the MFSA to closely monitor application growth and adjust supervisory practices.
Four exchanges currently hold MiCA licenses from Malta: Bitpanda (BP23), Crypto.com (Foris Dax), OKX (Okcoin Europe), and ZBX (Zillion Bits). Notably, OKX was fined $1.2 million by Maltese authorities in April 2025 for pre-MiCA compliance violations. ESMA did not specify if existing licenses face revocation but recommended all NCAs reassess pending issues in authorization processes.