The Malta Financial Services Authority held a workshop for Crypto-Asset Service Providers (CASPs) on market conduct requirements under the Markets in Crypto-Assets Regulation (MiCA), setting out its supervisory expectations and practical compliance considerations following the first MiCA licences issued in Malta. The MFSA stressed that conflicts of interest must be actively prevented and managed in practice, not only identified and disclosed. It also set expectations for client best interest and best execution based on a holistic assessment of execution factors including price, cost, speed, execution likelihood and settlement reliability. Marketing communications should be fair, clear and not misleading, with transparent conditions for promotions and incentives, and incentives expected to be proportionate and not of substantial value. Governance expectations included maintaining a permanent, effective and independent compliance function. As a best practice, the MFSA encouraged prominent regulatory and risk disclosures in website footers across all pages, referencing its thematic review of CASP websites and findings communicated via a Dear CEO letter; other topics covered included reverse solicitation, advisory and portfolio management, transfer services and complaints handling.
Malta Financial Services Authority 2025-06-20
Malta Financial Services Authority outlines MiCA market conduct supervisory expectations for crypto-asset service providers
The Malta Financial Services Authority held a workshop for Crypto-Asset Service Providers on market conduct requirements under the Markets in Crypto-Assets Regulation, outlining supervisory expectations and compliance considerations. Key areas included conflict of interest management, client best interest, marketing communications, and governance standards. The MFSA emphasized the importance of transparent disclosures and effective compliance functions.