On 5th November 2024, the Markets in Crypto-Assets Act (the ‘Act’) was enacted, and implemented the bill which was issued earlier this year, thus adopting the provisions into Maltese law of Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR).
The main aim of the Act is to regulate the activities carried out on the primary market which includes the issuance of crypto-assets, and the services provided on the secondary market dealing with crypto asset services in line with MiCAR.
The Act, following the steps of MiCAR, details the transparency and disclosure requirements for the issuance and trading of crypto-assets, the authorisation requirement for supervision of crypto asset service providers (CASPs) and issuers of crypto-assets, and the proper business organisation of crypto asset issuers and CASPs. The Act also addresses investor and consumer protection for the issuance, trading and custody of crypto-assets and provides for measures to prevent market abuse on crypto currency exchanges.
In terms of the primary market, the Act goes into procedures that need to be undertaken and abided by issuers of asset reference tokens (ARTs), E-Money Tokens (EMTs) and crypto assets other than ARTs and EMTs.
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