The EU regulator ESMA has criticised Malta's fast approval of crypto licences under the MiCA rules. The Malta Financial Services Authority (MFSA) granted licences quickly but overlooked key compliance and risk checks.
Since January 2025, Malta has issued five licences to crypto firms like OKX and Crypto.com. While MFSA has adequate resources, some areas-such as governance and AML controls-were not fully assessed before approval.
ESMA urges Malta to slow the process and improve oversight as licence applications grow. The report stresses that all EU states must ensure thorough checks to protect the evolving crypto market.
