12 maltatoday | SUNDAY • 19 NOVEMBER 2023
NEWS
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IN the new age of crypto regula-
tion, Malta's focus will be more on
attracting quality companies rath-
er than bringing in high numbers,
the MFSA CEO Kenneth Farrugia
told MaltaToday.
The MFSA is in the process of
adapting an EU regulation on
markets in crypto assets, known
as MiCA, into the national legis-
lation.
But Farrugia said the transition
is expected to be smooth, as most
of the requirements envisaged by
MiCA are already embedded in
the local legislation.
"We only have minor changes
and some fine-tuning. Practically
80-85% of MiCA was practically
taken from our legislative frame-
work."
Back in 2018, Malta introduced
the Virtual Financial Assets Act.
This established a regulatory re-
As the EU starts regulating crypto, quality over quantity
is the new strategy for Blockchain Island, the CEO of the
Malta Financial Services Authority Kenneth Farrugia tells
NICOLE MEILAK.
MFSA chief looks
to attract quality
with new crypto
regulations
Kenneth Farrugia
