Markets in Crypto-Assets Act (Fees) Regulations, 2024

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,339, 5 ta’ Novembru, 2024

L.N. 295 of 2024

MARKETS IN CRYPTO-ASSETS ACT

(CAP. 647)

Markets in Crypto-Assets Act (Fees) Regulations, 2024

IN EXERCISE of the powers conferred by article 37(1)(a) of the

Markets in Crypto-Assets Act, the Minister responsible for the

regulation of financial services, acting on the advice of the Malta

Financial Services Authority, has made the following regulations:-

(1) The title of these regulations is the Markets in Citation and

commencement.

Crypto-Assets Act (Fees) Regulations, 2024.

(2)

Regulations 3 and 6 shall come into force on 30 December

2024.

(1)

In these regulations, unless the context otherwise Interpretation.

requires:-

"Act" means the Markets in Crypto-Assets Act;

Act No. XXXVI

of 2024.

"asset-referenced token" shall have the same meaning as

that assigned to it in point (6) of Article 3(1) of the MiCA

Regulation;

"average outstanding asset-referenced tokens" means the

average amount of outstanding asset-referenced tokens for the

last six (6) calendar months which is to be calculated as follows

(a) the daily average amount of outstanding asset-

reference tokens for each of the last six (6) calendar months

is to be multiplied by the number of calendar days in each

of those months;

(b) the amounts resulting from the calculation set

out in paragraph (a) shall be added up; and

(c) the total amount resulting from the calculation

set out in paragraph (b) shall be divided by the total number

of calendar days forming the six (6) calendar months

referred to in paragraph (a)

Provided that the daily average amount of

outstanding asset-referenced tokens for a calendar month shall

be calculated as follows

(i) the amount of outstanding asset-

referenced tokens at the end of each calendar day of

the preceding six (6) calendar months shall be added

up; and

(ii) the amount resulting from the calculation

set out in point (a) shall divided by the total number

of calendar days forming the calendar months

referred to in the said paragraph;

"Class 1 crypto-asset services" means any of the following

(a)

the execution of orders on behalf of clients;

(b)

the placement of crypto-assets;

(c) the provision of transfer services for crypto-

assets on behalf of clients;

(d) the reception and transmission of orders for

crypto-assets on behalf of clients;

(e)

the provision of advice on crypto-assets; and

(f) the provision of portfolio management on

crypto-assets;

"Class 2 crypto-asset services" means any of the following

(a) the provision of custody and administration of

crypto-assets on behalf of clients;

(b)

the exchange of crypto-assets for funds; and

(c)

the exchange of crypto-assets for other crypto-

assets;

"Class 3 crypto-asset service" means the operation of a

trading platform for crypto-assets;

"competent authority" means the Malta Financial Services

Authority established by the Malta Financial Services Authority

"credit institution" shall have the same meaning as that

assigned to it in point (28) of Article 3(1) of the MiCA

Regulation;

"crypto-asset service" shall have the same meaning as that

assigned to it in point (16) of Article 3(1) of the MiCA

Regulation;

"crypto-asset service provider" shall have the same

meaning as that assigned to it in point (15) of Article 3(1) of the

MiCA Regulation;

"e-money token" shall have the same meaning as that

assigned to it in point (7) of Article 3(1) of the MiCA

Regulation;

"MiCA Regulation" means Regulation (EU) 2023/1114 of

the European Parliament and of the Council of 31 May 2023 on

markets in crypto-assets, and amending Regulation (EU) No

1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU

and (EU) 2019/1937, as may be amended from time to time, and

includes any binding legal instruments, guidelines and other

measures that have been or may be issued thereunder;

"transaction volume" means the aggregate of the following,

as applicable

(a) the quantity multiplied by the value, in euro, of

all orders transmitted as reported in the annual return for

the preceding year;

(b) the quantity multiplied by the value, in euro, of

all executed orders as reported in the annual return for the

preceding year;

(c) the quantity multiplied by the value, in euro, of

all orders for the exchange of crypto-assets for crypto-

assets other than asset-referenced tokens or for executed

funds, as reported in the annual return for the preceding

year; and

(d) the quantity multiplied by the value, in euro, of

all orders matched on a trading platform for crypto-assets,

as reported in the annual return for the preceding year.

(2) Words and expressions used in these regulations which are

also used in the Act but which are not herein defined shall have the

same meaning as in the Act.

(1) An offeror, a person seeking admission to trading, or

an operator of trading platforms for crypto-assets other than asset-

referenced tokens or e-money tokens, as applicable, upon submission

of the notification of a crypto-asset white paper in accordance with

Article 8(1) of the MiCA Regulation and article 6(2) of the Act, shall

pay to the competent authority a notification fee of two thousand and

five hundred euro (€2,500) with respect to such crypto-asset white

paper.

(2)

The provisions of sub-regulation (1) shall also apply where

(a) crypto-assets, other than asset-referenced tokens or e-

money tokens, were admitted to trading before 30 December

2024; and

(b) operators of trading platforms submit a notification to

the competent authority of a crypto-asset white paper in

accordance with Article 143(2)(b) of the MiCA Regulation and

article 58(2)(b) of the Act in relation to any such crypto-asset as

referred to in paragraph (a).

(3) Where a crypto-asset white paper as referred to in sub-

regulation (1) is modified in accordance with Article 12 of the MiCA

Regulation, the offeror, person seeking admission to trading, or

operator of trading platforms for crypto-assets other than asset-

referenced tokens or e-money tokens, as applicable, upon the

submission of the notification of the modified crypto-asset white paper

in accordance with Article 12(2) of the MiCA Regulation, shall pay to

the competent authority a modification fee of one thousand euro

(€1,000) with respect to such modified crypto-asset white paper.

(1) An issuer of e-money tokens, upon the submission of

the notification of a crypto-asset white paper in accordance with

Articles 48(7) or 51(11) of the MiCA Regulation and article 23(3) or

(5) of the Act, as applicable, shall pay to the competent authority a

notification fee of three thousand euro (€3,000) with respect to such

crypto-asset white paper.

(2) Where a crypto-asset white paper as referred to in sub-

regulation (1) is modified in accordance with Article 51(12) of the

MiCA Regulation, the issuer of e-money tokens, upon the submission

of the notification of the modified crypto-asset white paper in

accordance with the said Article, shall pay to the competent authority a

modification fee of one thousand euro (€1,000) with respect to such

modified crypto-asset white paper.

(1) Credit institutions, upon the submission of a crypto- Payment of fees

asset white paper to the competent authority for its approval in in

asset-referenced

accordance with Article 17(1)(a) of the MiCA Regulation and article tokens.

10(2)(a) of the Act, shall pay to the competent authority an assessment

fee of three thousand euro (€3,000) with respect to such crypto-asset

white paper.

(2) Legal persons or other undertakings, other than credit

institutions, that intend to offer to the public or seek the admission to

trading of asset-referenced tokens, upon the submission of an

application to the competent authority for authorisation in accordance

with Article 18(1) of the MiCA Regulation and article 11(2) of the Act,

shall pay to the competent authority an application fee of eight

thousand euro (€8,000) with respect to such application.

(3) The provisions of sub-regulations (1) and (2) shall also

apply where issuers that issued asset-referenced tokens before 30 June

2024 in accordance with the applicable law submit to the competent

authority, in accordance with Article 143(4) or (5) of the MiCA

Regulation and article 58(3) or (4) of the Act, as applicable

(a) a crypto-asset white paper for its approval in

accordance with Article 17(1)(a) of the MiCA Regulation and

article 10(2)(a) of the Act; or

(b) an application for authorisation in accordance with

Article 18(1) of the MiCA Regulation and article 11(2) of the

Act.

(4) Without prejudice to sub-regulations (1) to (3), with respect

to crypto-asset white papers as referred to in sub-regulation (1) and

applications as referred to in sub-regulation (2) submitted to the

competent authority in accordance with the relevant provisions prior to

the coming into force of these regulations, and which remain pending

upon the coming into force of the said regulations, the applicable

assessment or application fee shall be paid to the competent authority

within one (1) month from the day of the coming into force of the said

regulations.

(5) Issuers of asset-referenced tokens that have been authorised

under Article 18 of the MiCA Regulation and article 11 of the Act in

relation to one (1) asset-referenced token, upon the submission of an

application to the competent authority for authorisation in accordance

with the said provisions in relation to another asset-referenced token,

shall pay to the competent authority an application fee of three

thousand euro (€3,000) with respect to such application.

(6)

Where a crypto-asset white paper drawn up by an issuer of

asset-referenced tokens is modified in accordance with Article 25(2) of

the MiCA Regulation, such issuer, upon the submission of the

notification of the modified crypto-asset white paper in accordance

with the said Article, shall pay to the competent authority a

modification fee of one thousand euro (€1,000) with respect to such

modified crypto-asset white paper.

(7) Issuers of asset-referenced tokens that have been authorised

in accordance with Article 21 of the MiCA Regulation and article 11 of

the Act or granted approval in accordance with Article 17(1)(a) of the

said Regulation and article 10(2)(a) of the said Act shall, subject to the

provisions of sub-regulation (9), pay to the competent authority an

annual supervisory fee which amounts to zero point zero one per cent

(0.01%) of the average outstanding asset-referenced tokens up to a

maximum of two hundred and fifty thousand euro (€250,000)

Provided that where such amount is less than two thousand

euro (€2,000) for a particular year, the annual supervisory fee due for

that year shall be two thousand euro (€2,000).

(8) Notwithstanding sub-regulation (7), the first annual

supervisory fee due to the competent authority shall be the aggregate of

the following

(a) eight thousand euro (€8,000) prorated according to

the period remaining between the date when an issuer of asset-

referenced tokens is authorised or granted approval, as

applicable, in accordance with the relevant provisions of the

MiCA Regulation and the Act, and the end of the calendar year

in which such authorisation or approval was granted; and

(b) eight thousand euro (€8,000) prorated according to the

period between the start of the following calendar year and the

date when the next supervisory fee is due in accordance with sub-

regulation (9).

(9) The first annual supervisory fee due in accordance with

sub-regulation (8) shall be paid to the competent authority on the date

when an issuer of asset-referenced tokens is granted authorisation or

approval, as applicable, in accordance with the relevant provisions of

the MiCA Regulation and the Act, and every annual supervisory fee

following the first annual supervisory fee which is due in accordance

with sub-regulation (7) shall be paid to the competent authority on the

30th July of each calendar year.

(1) Where a legal person or undertaking submits an Payment of fees

application to the competent authority to act as a crypto-asset service in

crypto-asset

provider in accordance with Article 62(1) of the MiCA Regulation and service

providers.

article 28(2) of the Act, upon submission of such application, shall pay

to the competent authority the following application fee, as applicable,

with respect to such application

(a) where such legal person or undertaking intends to

provide any one (1) or more Class 1 crypto-asset services, ten

thousand euro (€10,000);

(b) where such legal person or undertaking intends to

provide any one (1) or more Class 2 crypto-asset services, twenty

thousand euro (€20,000); or

(c) where such legal person or undertaking intends to

provide a Class 3 crypto-asset service, twenty-five thousand euro

(€25,000)

Provided that where such legal person or undertaking

intends to provide crypto-asset services falling under different

Classes, only the highest application fee applicable with respect

to those crypto-asset services shall apply.

(2) Where a VFA service provider submits an application to the

competent authority to act as a crypto-asset service provider in

accordance with Article 62(1) of the MiCA Regulation and article

28(2) of the Act between 30 December 2024 and 1 July 2026, upon

submission of such application, it shall pay to the competent authority

the following application fee, as applicable, with respect to such

application

(a) where such VFA service provider intends to provide

any one (1) or more Class 1 crypto-asset services, five thousand

euro (€5,000);

(b) where such VFA service provider intends to provide

any one (1) or more Class 2 crypto-asset services, ten thousand

euro (€10,000); or

(c) where such VFA service provider intends to provide a

Class 3 crypto-asset service, twelve thousand and five hundred

euro (€12,500)

Provided that where such VFA service provider intends to

provide crypto-asset services falling under different Classes, only the

highest application fee applicable with respect to those crypto-asset

services shall apply

Provided further that for the purposes of this sub-

regulation, "VFA service provider" means any person who, on 30

December 2024, is licensed in accordance with the Virtual Financial

Assets Act to provide, or hold themselves out as providing, one or

more VFA services as defined in the said Act.

(3) Where a legal person or undertaking authorised to act as a

crypto-asset service provider under Article 63 of the MiCA Regulation

and article 28 of the Act intends to provide one (1) or more crypto-

asset services in addition to those which it is authorised to provide, it

shall, upon the submission of an application to the competent authority

to modify its authorisation accordingly, pay to the competent authority

the application fee established in sub-regulation (1), as applicable,

which application fee shall be reduced by twenty-five per cent (25%).

(4) Where a legal person or undertaking authorised to act as a

crypto-asset service provider under Article 63 of the MiCA Regulation

and article 28 of the Act, intends to stop providing one (1) or more, but

not all, of the crypto-asset services which it is authorised to provide, it

shall, upon the submission of a request to the competent authority to

modify its authorisation accordingly, pay to the competent authority a

modification fee of one thousand euro (€1,000).

(5) A legal person or undertaking authorised to act as a crypto-

asset service provider under Article 63 of the MiCA Regulation and

article 28 of the Act shall, subject to the provisions of sub-regulation

(7), pay to the competent authority an annual supervisory fee which

shall be the aggregate of the following, as applicable

(a) where such legal person or undertaking is authorised

to provide

(i) any one (1) or more Class 1 crypto-asset

services, ten thousand euro (€10,000);

(ii) any one (1) or more Class 2 crypto-asset

services, twenty-five thousand euro (€25,000); or

(iii) a Class 3 crypto-asset service, fifty thousand

euro (€50,000)

Provided that where such legal person or

undertaking is authorised to provide crypto-asset services

falling under different Classes on the date when the annual

supervisory fee is due in accordance with sub-regulation

(7), only the highest amount applicable with respect to

those crypto-asset services shall apply; and

(b) two thousand euro (€2,000) for every service which

such legal person or undertaking is authorised to provide on the

date when the annual supervisory fee is due in accordance with

sub-regulation (7); and

(c) zero point zero five per cent (0.05%) of the

transaction volume of such person up to a maximum of two

hundred and fifty thousand euro (€250,000).

(6) Notwithstanding sub-regulation (5), the first annual

supervisory fee due to the competent authority shall be the aggregate

of the following

(a) the fees established in paragraphs (a) and (b) of sub-

regulation (5), as applicable, prorated according to the period

remaining between the date when a legal person or undertaking is

granted authorisation to act as a crypto-asset service provider

under the MiCA Regulation and the Act, and the end of the

calendar year in which such authorisation was granted; and

(b) the fees established in paragraphs (a) and (b) of sub-

regulation (5), as applicable, prorated according to the period

between the start of the following calendar year and the date when

the next supervisory fee is due in accordance with sub-regulation

(7).

(7) The first annual supervisory fee due in accordance with

sub-regulation (6) shall be paid to the competent authority on the date

when a legal person or undertaking is granted authorisation to act as a

crypto-asset service provider under the MiCA Regulation and the Act,

and every annual supervisory fee following the first annual

supervisory fee which is due in accordance with sub-regulation (5)

shall be paid to the competent authority on the 30th July of each

calendar year.

(1) The fees established and due in terms of these Fees not

refundable nor

regulations shall not be refundable.

prorated.

(2) Without prejudice to regulations 5(8) and 6(6), the fees

established and due in terms of these regulations shall not be prorated.

B

€0.45