The Malta Monetary Providers Authority (MFSA) achieved a big milestone in shaping the way forward for crypto asset regulation with the profitable group of the Markets in Crypto Belongings Regulation (MiCA) convention on the sixteenth of November 2023. Held on the prestigious Hilton Lodge in St Julian’s, Malta, the occasion attracted over 500 individuals, that includes delegates from greater than 25 European Supervisory Authorities, competent authorities, and Ministries spanning 17 nations.
The MiCA convention served as a vital platform for gaining a complete understanding of the dynamic regulatory frameworks that govern the ever-evolving crypto asset panorama. Famend audio system, together with 12 overseas specialists and influential figures from Europe and the USA, illuminated the discussions surrounding the MiCA regulation, which got here into impact in June 2023. This regulation establishes a complete framework for the regulation of crypto belongings inside the European Union.
Investor safety took middle stage in the course of the deliberations, drawing insights from Malta’s regulatory expertise. The convention delved into supervisory convergence, exploring the intricacies of regulating the crypto belongings area and analyzing the repercussions of this regulatory paradigm on conventional banking. Notably, discussions additionally addressed the business’s efforts to deal with Anti-Cash Laundering and Combating the Financing of Terrorism (AML/CFT) issues inside the crypto sector.
The occasion commenced with the opening remarks by Kenneth Farrugia, the Chief Government Officer of the MFSA, who set the tone by highlighting the MFSA’s dedication to offering the monetary business with the newest insights into crypto asset regulation. Farrugia emphasised the company’s dedication to creating an surroundings conducive to innovation, growth, and the safeguarding of stakeholders’ pursuits.
Verena Ross, Chair of the European Securities and Markets Authority (ESMA), a keynote speaker on the convention, counseled the MFSA’s initiative in bringing collectively EU supervisors to debate the continuing work on MiCA implementation. Ross careworn the collective effort required for efficient MiCA regulation and the significance of open dialogue in conveying essential messages to stakeholders.
Dr. Christopher P. Buttigieg, MFSA’s Chief Officer Supervision, echoed the sentiment, describing the MiCA framework as a big step towards supervisory convergence, guiding Europe in the direction of a unified method in regulating crypto belongings. The convention additionally featured insights from varied business specialists, together with Herman Ciappara, MFSA’s Head of FinTech Supervision, Dr. Reto Degan, Director, FMA Lichtenstein; Maria Teresa Paracampo, Affiliate Professor of Monetary Markets Regulation and Digital Innovation, College of Bari; and Dr. Ioannis Revolidis, Lecturer of Media, Communications, and Expertise Regulation, College of Athens.
The success of the MiCA convention underscores Malta’s pivotal function in shaping the regulatory panorama for crypto belongings, fostering collaboration, and making certain the continued growth of a strong and safe monetary ecosystem.