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The regulator will be consulting the public on the proposed changes to its rulebook for crypto companies. Currently, MFSA is rewriting rules for exchanges, custodians, and portfolio managers to fit those set out in MiCA and aims to require crypto providers to have a structured plan during business suspension.
![Malta’s Financial Services Authority (MFSA) plans to change the country’s crypto guidelines to align with the EU Markets in Crypto Assets (MiCA) regulation. Malta’s Financial Services Authority (MFSA) plans to change the country’s crypto guidelines to align with the EU Markets in Crypto Assets (MiCA) regulation.](https://moneylowdown.com/wp-content/uploads/2024/04/regulation-legislation-law.jpg)
More information about MiCA
MiCA covers and identifies three types of crypto assets, including asset-referenced tokens (ART), electronic money tokens (EMT), and other assets not covered by existing EU legislation. After being introduced in June 2023, MiCA’s implementation will be divided into phases, with rules relating to stablecoin issuers to be applied from June 2024. The rest of the regulations will be applied from December 2024, subject to certain transitional measures.
Complying with MiCA regulations is projected to be most severe for crypto natives, many of whom come within the regulatory perimeter for the first time. However, even if some crypto natives and traditional FS firms may not agree with some of MiCA’s provisions, the regulation offers a clear framework that allows firms to create their long-term crypto plans in the EU. Moreover, it enables firms to determine how to perform in a regulated crypto ecosystem and expand their business.
Cryptocurrencies in Europe
Chainalysis, a blockchain data platform, has developed an index, on a scale from zero to one, that indicates the rate at which markets adopt crypto assets. In the case of Europe, the top three countries that invest their wealth in cryptocurrency are in the East, with Ukraine scaling at 0.215, Turkey at 0.142, and Russia at 0.140. The UK comes fourth in crypto adoption, at 0.121, followed by Spain at 0.062.
As per Statista’s information, the revenue in the cryptocurrency market is expected to reach USD 9.91 billion by the end of 2023, with an annual growth rate (CAGR) of 13.23%. This results in a projected total amount of USD 16.29 billion by 2027.