🇲🇹 Crypto licence in Malta

The regime

Malta's early Virtual Financial Assets (VFA) framework — live since 2018, when the island branded itself "Blockchain Island" — converted into MiCA authorisation, keeping incumbent exchanges licensed without a gap. The MFSA was one of the first movers on MiCA approvals in January 2025.

Malta's speed made it the chosen EU seat for several of the world's largest exchanges, though ESMA's 2025 peer review of one Maltese authorisation put the pace of its reviews under EU-level scrutiny.

Requirements

• CASP authorisation from the MFSA under MiCA (Regulation (EU) 2023/1114) — one licence covering exchange, custody, brokerage, transfer and advisory services.
• Minimum own funds: €50,000 (Class 1 — reception/transmission of orders, advice, transfers), €125,000 (Class 2 — adds custody and exchange against funds) or €150,000 (Class 3 — operating a trading platform).
• Substance in Malta: a registered office, effective management in the EU and at least one EU-resident director.
• Safeguarding: segregation of client crypto-assets and client funds from the firm's own book, with a custody policy.
• AML/CTF: EU framework compliance including Travel Rule originator/beneficiary data under the Transfer of Funds Regulation.
• Operational resilience: governance, conflicts, complaints, outsourcing and ICT-risk (DORA) arrangements sized to the service classes sought.

Licensed firms

Firms authorised by the MFSA under MiCA include:

• OKX — MiCA authorisation, January 2025
• Crypto.com — MiCA authorisation, January 2025
• Gemini — MiCA authorisation, May 2025

Snapshot, not the register: verify current status against MFSA financial services register before relying on it.

Is the Maltese VFA licence still a thing?

No — VFA-licensed firms transitioned onto MiCA CASP authorisation. The VFA Act's infrastructure (agents, systems audits) shaped how the MFSA runs MiCA reviews.

How do I verify a firm is MFSA-authorised?

Check the MFSA's public register or ESMA's interim MiCA register. A CASP authorised anywhere in the EU may passport into Malta, so a firm serving Malta legally may hold its licence from another member state.