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Malta is a popular jurisdiction for setting up financial institutions, particularly for payment service providers (PSPs). Service providers in Malta must obtain a license from the Malta Financial Services Authority (MFSA) to operate legally. The MFSA is the regulator liable for supervising financial institutions in Malta, including service providers.
To obtain a PSP license in Malta, applicants must meet certain requirements set out in the Payment Services Regulations and Electronic Money Regulations, including:
There are several advantages to obtaining a PSP license in Malta, including:
Malta’s fintech industry has grown rapidly in recent years, making it attractive to fintech entrepreneurs and investors. The country has a favorable regulatory surrounding, a skilled workforce and government support that is conducive to the growth of the FinTech industry.
One of the key areas of focus for the Maltese government is blockchain and cryptocurrencies. In 2018, the government introduced the Virtual Financial Assets Act (VFA), which provides a regulatory framework for virtual monetary assets and blockchain-based businesses. The VFA Act is designed to ensure the safe, transparent and efficient operation of these companies and to provide legal certainty for investors and other stakeholders.
The Maltese government has also launched initiatives to support the development of the FinTech industry, such as the establishment of the Malta Digital Innovation Authority (MDIA). MDIA is responsible for promoting the development and use of innovative technologies, including blockchain and distributed ledger technology, in the financial services industry. The government has also launched the FinTech Acceleration Program to provide support and funding to promising FinTech startups.
To obtain a PSP license in Malta, you will need to submit a detailed request to the Malta Financial Services Authority (MFSA) along with various supporting documents. Here are some documents that are usually required:
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