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Token Issuance Advisory and Compliance Under MiCA in Malta
Token issuance is a critical step in launching any blockchain-based crypto project, whether you are issuing a utility token, digital asset, or building on Ethereum, Bitcoin or any other Layer 1 blockchain. At A2CO, we help you navigate the legal and regulatory aspects of tokenization so that your project meets compliance requirements from day one. Our advisory team supports crypto entrepreneurs and Web3 businesses in structuring tokens through smart contracts, helping you with your decentralisation efforts. Whether you are issuing a cryptocurrency or creating new blockchain-powered products, we make sure your token launch is both strategic and secure.
If you plan to issue crypto-assets from Malta, the Markets in Crypto-Assets Regulation (MiCA) and Malta’s Markets in Crypto-Assets Act (the MiCAR) are the regulations applicable to such. MiCA splits tokens into three buckets: asset-referenced tokens (ARTs), e-money tokens (EMTs) and “other” crypto-assets, each with its own compliance path.
Asset-Referenced Tokens (ARTs)
What Qualifies as an ART Under MiCA?
An ART is a type of crypto-asset that aims to maintain a stable value by referencing multiple assets, which may include:
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One or more official (fiat) currencies,
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Commodities (such as gold or oil),
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Crypto-assets (e.g., Bitcoin, Ether),
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Or a combination of any of the above.
Unlike e-money tokens, which reference only one official currency and function strictly as a digital surrogate for cash, ARTs offer broader backing, often with the intention of serving as a store of value or medium of exchange within a broader ecosystem.
Key Requirements
Before making an offer to the public or seeking the admission of trading an ART in Malta, projects must first complete the issuance process, which requires authorisation from the MFSA. The launching of an ART is the only procedure which requires authorisation from the MFSA. Issuing other tokens only requires a notification which will be detailed below.
As part of the authorisation process, a token issuer must draft and notify the MFSA of a crypto-asset white paper before launching the ART. The white-paper needs to be MiCAR compliant and must be approved by the MFSA.
Moreover, the issuer must maintain certain policies which relate to reserve backing, safeguarding and redemption. The issuer must also seek to have in place prudential safeguards in line with MiCAR requirements.
Certain policies must also be in place mainly dealing with governance, business continuity, ICT security plans and conflicts of interest.
After authorisation is provided from the MFSA, token issuers must implement and file with the MFSA a recovery and redemption plan within 6 months of receiving authorisation. The plan would need to outline measures for restoring compliance if reserve backing falls short and orderly winding down in case of failure.
What Qualifies as an ART Under MiCA?
An ART is a type of crypto-asset that aims to maintain a stable value by referencing multiple assets, which may include:
-
One or more official (fiat) currencies,
-
Commodities (such as gold or oil),
-
Crypto-assets (e.g., Bitcoin, Ether),
-
Or a combination of any of the above.
Unlike e-money tokens, which reference only one official currency and function strictly as a digital surrogate for cash, ARTs offer broader backing, often with the intention of serving as a store of value or medium of exchange within a broader ecosystem.
Key Requirements
Before making an offer to the public or seeking the admission of trading an ART in Malta, projects must first complete the issuance process, which requires authorisation from the MFSA. The launching of an ART is the only procedure which requires authorisation from the MFSA. Issuing other tokens only requires a notification which will be detailed below.
As part of the authorisation process, a token issuer must draft and notify the MFSA of a crypto-asset white paper before launching the ART. The white-paper needs to be MiCAR compliant and must be approved by the MFSA.
Moreover, the issuer must maintain certain policies which relate to reserve backing, safeguarding and redemption. The issuer must also seek to have in place prudential safeguards in line with MiCAR requirements.
Certain policies must also be in place mainly dealing with governance, business continuity, ICT security plans and conflicts of interest.
After authorisation is provided from the MFSA, token issuers must implement and file with the MFSA a recovery and redemption plan within 6 months of receiving authorisation. The plan would need to outline measures for restoring compliance if reserve backing falls short and orderly winding down in case of failure.
E-Money Tokens (EMTs): Stable Coins Explained
What Counts as EMT?
For a crypto-asset to qualify as an EMT must meet the following requirements if it is to be considered as an EMT:
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References only one fiat currency;
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Is intended to function as a payment instrument;
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Is made available to holders in exchange for fiat or other consideration;
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Need to be licensed as a credit institution or a financial institution authorised to issue electronic money by the MFSA;
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Does not provide a return or gain beyond the stable value mechanism.
Key Requirements for EMT Issuers
As stated above, if you are an issuer of an EMT, you must undergo a notification process with the MFSA whereby you would need to notify the MFSA 40 working days before the intended offer or trading admission and submit the white paper 20 working days before publication.
The white paper submitted must be compliant with MiCAR and include certain details relating to the governance, risk management framework, redemption rights, reserve asset policies and ICT security safeguards implemented by the issue of the EMT.
The value of EMT in circulation must be 100% backed by reputable liquid reserves. Reserve assets must be segregated from the issuer’s own funds and safeguarded in custody accounts with authorised credit institutions. Additionally, the obligation to submit a Recovery and Redemption plan also applies if you are an issuer of an EMT the same as it applies to issuers of ART.
What Counts as EMT?
For a crypto-asset to qualify as an EMT must meet the following requirements if it is to be considered as an EMT:
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References only one fiat currency;
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Is intended to function as a payment instrument;
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Is made available to holders in exchange for fiat or other consideration;
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Need to be licensed as a credit institution or a financial institution authorised to issue electronic money by the MFSA;
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Does not provide a return or gain beyond the stable value mechanism.
Key Requirements for EMT Issuers
As stated above, if you are an issuer of an EMT, you must undergo a notification process with the MFSA whereby you would need to notify the MFSA 40 working days before the intended offer or trading admission and submit the white paper 20 working days before publication.
The white paper submitted must be compliant with MiCAR and include certain details relating to the governance, risk management framework, redemption rights, reserve asset policies and ICT security safeguards implemented by the issue of the EMT.
The value of EMT in circulation must be 100% backed by reputable liquid reserves. Reserve assets must be segregated from the issuer’s own funds and safeguarded in custody accounts with authorised credit institutions. Additionally, the obligation to submit a Recovery and Redemption plan also applies if you are an issuer of an EMT the same as it applies to issuers of ART.
Other Crypto Assets
These tokens do not aim to stabilise value against fiat or assets, and they are not designed to be used as general means of exchange. MiCAR sets a light-touch, disclosure-based regime for these tokens, with fewer prudential obligations compared to ARTs and EMTs. Before making an offer to the public, issuers of new tokens in this category must still prepare a MiCAR-compliant white paper.
MFSA Fees for Token Issuance in Malta
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Other Crypto Assets: €2,500 - white paper notification fee
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EMT: €3,000 - white paper notification fee
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ART: €8,000 (not credit institutions) - authorisation process and annual supervisory fee of 0.01% of the average outstanding ART up to a maximum of €250,000
Our Blockchain and Crypto Token Issuance Services
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Guidance on choosing the right blockchain network for your token type and compliance strategy
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Whitepaper review to ensure MiCAR compliance
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Assistance in the preparation of the policies required for token issuance
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Risk assessment and documentation support
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Jurisdiction analysis and setup guidance (EU, Malta, and more)
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Ongoing advisory post-launch
Why Choose A2CO
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Deep knowledge of EU and Maltese regulatory frameworks
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Clear, actionable guidance from concept to launch
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Experience across crypto, DeFi, and blockchain projects
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Flexible support for startups and enterprise teams
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Trusted by founders for compliance without the confusion
Frequently Asked Questions
Yes, the Markets in Crypto-Assets Regulation (MiCA) introduces a harmonised EU-wide framework for the regulation of crypto-asset issuance and trading. Issuing certain types of tokens now requires authorisation, white paper disclosure, and ongoing compliance obligations.
The Malta Financial Services Authority (MFSA) is the designated authority responsible for supervising and enforcing MiCAR compliance in Malta. It reviews white papers, grants authorisations, and monitors ongoing obligations.
Asset-Referenced Tokens (ARTs) are backed by multiple assets (e.g. fiat, commodities, or cryptocurrencies), while E-Money Tokens (EMTs) are pegged to a single official currency and function as digital cash. Other crypto-assets, such as utility tokens, are not intended as stable stores of value and generally face lighter regulatory requirements.
Issuers must maintain clear governance structures, robust IT and security systems, and reserve arrangements (where applicable). Redemption and recovery plans, risk management frameworks, and accurate disclosures are also essential for regulatory compliance.
