Malta Financial Services Authority: 21 crypto exchanges are seeking authorization to continue to provide services locally after the transition period

According to recent media reports, the Malta Financial Services Authority (MFSA) said it has received “intent letters” from 34 potential digital asset providers, 21 of which are seeking authorization. Until October 31, encryption providers were still doing business under the interim terms set out in the country's Virtual Financial Assets Act. The Virtual Financial Assets Act provides a set of rules for those engaged in cryptocurrency-related business. After the transition period has expired, institutions wishing to continue to provide services in Malta now need to apply for authorization from MFSA.