{ "jurisdiction_id": "MT", "jurisdiction": "Malta", "url": "https://payments.gi/jurisdictions/malta/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 60, "source_register": 112 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/malta/#w1a-licensing-authorisation-market-access", "standing_position": "Malta regulates EMIs and Payment Institutions under the Financial Institutions Act and implementing FIR rules, supervised by the MFSA, within the EU PSD2/EMD2 harmonised regime enabling EEA passporting. PSD3/PSR reached provisional political agreement 27 November 2025, expected in force late 2027 with ~24-month grandfathering for existing MFSA-licensed institutions.", "findings": [ { "finding": null, "instrument_type": "Financial Institutions Act (Cap. 376)", "source": "https://www.mfsa.mt/our-work/financial-institutions/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Financial Institutions Act (Cap. 376)", "source": "https://www.mfsa.mt/our-work/financial-institutions/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "EMI licence", "source": "https://www.tetraconsultants.com/jurisdictions/register-company-in-malta/malta-emi-license/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PI licence", "source": "https://www.mondaq.com/fin-tech/867616/fintech-guide-2019", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "EU passport", "source": "https://gvzh.mt/services/practice-areas/banking-finance/credit-financial-institutions-banks/emi-malta-electronic-money-institutions/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/malta/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Malta EMIs must safeguard client e-money funds directly with EU credit institutions (FIR/03 bars intermediaries), with mandatory reconciliations and an annual safeguarding audit. DORA has applied to Malta-licensed EMIs/PIs since 17 January 2025.", "findings": [ { "finding": null, "instrument_type": "Safeguarding of Funds Regulations (S.L. 376.04)", "source": "https://www.mamotcv.com/insights/payments-insights-1/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PSD3/PSR (proposed)", "source": "https://www.mamotcv.com/insights/payments-insights-1/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Safeguarding obligation", "source": "https://www.lexology.com/library/detail.aspx?g=dc2b8924-1452-4d33-a93b-7e4cff411b05", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "MFSA Conduct Rules", "source": "https://www.mfsa.mt/our-work/financial-institutions/", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w2-stablecoins-digital-money", "standing_position": "MiCA implemented via Markets in Crypto-Assets Act (Cap. 647) and Act XIV of 2024 (Titles III/IV); Title III/IV effective 30 Jun 2024, full CASP regime from 30 Dec 2024; MFSA supervises live EMT issuer StablR (EURR); BVNK obtained MiCA CASP licence Feb 2026.", "findings": [ { "finding": null, "instrument_type": "Markets in Crypto-Assets Act (Cap. 647)", "source": "https://www.mfsa.mt/our-work/crypto-assets/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Act XIV of 2024", "source": "https://cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/malta", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "EMT authorisation", "source": "https://eco.com/support/en/articles/15192006-mica-compliant-stablecoins-2026-full-list-with-issuers", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "EMT/ART issuer rule", "source": "https://www.weex.com/news/detail/the-mica-fast-track-for-cryptocurrency-licenses-why-okx-and-bvnk-choose-malta-714757", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w3-operational-resilience-critical-infrastructure", "standing_position": "DORA (EU 2022/2554) applicable 17 Jan 2025; MFSA designated national supervisor (TLPT under Legal Notice 166 of 2024, TIBER-MT); annual RoI submission 1 Jan-21 Mar from 2026 reflecting 31 Dec prior-year status.", "findings": [ { "finding": null, "instrument_type": "DORA (Regulation (EU) 2022/2554)", "source": "https://www.mfsa.mt/news-item/mfsa-outlines-minimum-expectations-on-digital-operational-resilience-preparedness-for-financial-entities/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Legal Notice 166 of 2024 / TLPT", "source": "https://www.mfsa.mt/our-work/supervisory-ict-risk-and-cybersecurity/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "DORA Register of Information", "source": "https://www.mfsa.mt/wp-content/uploads/2025/03/Regulation-EU-20222554-on-Digital-Operational-Resilience-for-the-Financial-Sector-%E2%80%93-Register-of-Information-Submission-Guidance.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "DORA RoI annual cycle", "source": "https://shoulder.mt/mfsa-circular-on-dora-register-of-information-reporting-timelines-for-2026-and-beyond/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w4-scheme-network-compliance", "standing_position": "Card-scheme compliance in Malta operates within the EU Interchange Fee Regulation (Regulation (EU) 2015/751), with the Central Bank of Malta as the national authority for IFR. Interchange is capped at 0.2% (debit) and 0.3% (credit) on consumer cards; Visa/Mastercard scheme rulebooks, PCI DSS, and surcharging restrictions (no surcharging on regulated-IFR cards) apply. PSD2 SCA requirements bind issuers/acquirers.", "findings": [ { "finding": null, "instrument_type": "Interchange Fee Regulation (EU) 2015/751", "source": "https://www.centralbankmalta.org/ifr", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Interchange Fee Regulation (EU) 2015/751", "source": "https://eur-lex.europa.eu/EN/legal-content/summary/fees-for-card-based-payments.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Interchange Fee Regulation (EU) 2015/751", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32015R0751", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Scheme interchange schedule", "source": "https://www.mastercard.com/europe/en/regulatory/european-interchange.html", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w5-payment-corridor-dynamics", "standing_position": "As a Eurozone member, Malta's principal corridors run through SEPA (SCT, SCT Inst, SDD), settling via TARGET (T2) and TIPS, with SWIFT for non-euro/cross-border. The EU Instant Payments Regulation (in force 9 January 2025) mandates universal instant euro transfers; Maltese banks (e.g., IIG Bank, APS, MeDirect) have rolled out SEPA Instant. Central Bank of Malta is the lead authority for SEPA implementation.", "findings": [ { "finding": null, "instrument_type": "SEPA Instant / Instant Payments Regulation", "source": "https://www.lightspark.com/knowledge/instant-payments-malta", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Instant Payments Regulation", "source": "https://iigbank-malta.com/page/news-202501b", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "SWIFT / SEPA", "source": "https://www.medirect.com.mt/pay/payments/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "SEPA", "source": "https://www.centralbankmalta.org/the-sepa", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w6-industry-structure-commercial-dynamics", "standing_position": "Malta is a disproportionately large EMI/PI domicile for its size, positioned as an EU alternative hub to Dublin/Luxembourg, with ~36 EMIs and ~30 PIs authorised by the MFSA (as of March 2025). Home-grown leaders include Papaya (EMI), SysPay and Truevo Payments (acquirer/PSP). The fintech sector accounted for ~8.2% of GVA and ~14,700 jobs in 2025. Banking is concentrated in BOV and HSBC Malta (latter sold to CrediaBank).", "findings": [ { "finding": null, "instrument_type": "Market structure", "source": "https://advapay.eu/emoney-and-payment-institution-licensing/e-money-and-payment-institution-license-in-malta/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Market structure", "source": "https://fintechnews.ch/fintechmalta/fintech-in-malta-2026-market-overview/81729/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Banking concentration", "source": "https://en.wikipedia.org/wiki/List_of_banks_in_Malta", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Market positioning", "source": "https://www.legal500.com/guides/chapter/malta-fintech/?export-pdf=", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w7-legal-litigation", "standing_position": "Enforcement in the payments space is led by the MFSA (administrative penalties under the MFSA Act and FIA) and the FIAU (AML/CFT penalties). MFSA published financial-institution regulatory actions in 2025 (Ref 2025-12 €650; Ref 2025-13 €7,050). The FIAU fined a subsidiary of crypto group OKX €2.7m for AML failings — among the largest VASP actions in the jurisdiction. Arbiter decisions (e.g., SE v Trust Payments (Malta)) shape PSP liability allocation.", "findings": [ { "finding": null, "instrument_type": "MFSA Act Art. 16(8) administrative penalty", "source": "https://www.mfsa.mt/publication/regulatory-action-against-financial-institution-ref-2025-13/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "MFSA administrative penalty", "source": "https://www.mfsa.mt/publication/regulatory-action-against-financial-institution-ref-2025-12/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "FIAU enforcement", "source": "https://www.vixio.com/insights/pc-malta-unveils-intensified-amlctf-plan-year-ahead", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Arbiter decision", "source": "https://financialarbiter.org.mt/sites/default/files/oafs/decisions/303/ASF%20095-2021%20-%20SE%20vs%20Trust%20Payments%20(Malta)%20Limited.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring in Malta is conducted by FIA-licensed financial institutions and global PSPs, within the EU IFR framework (merchant service charge transparency, unblending on request) and card-scheme rulebooks (chargeback windows, 3DS/SCA, dispute mechanics, PCI DSS). Domestic acquirers include Truevo Payments and historically Credorax/Finaro (now Shift4). Global PSPs (Stripe, Adyen, Worldpay) operate cross-border into Malta.", "findings": [ { "finding": null, "instrument_type": "Interchange Fee Regulation (EU) 2015/751", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32015R0751", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Card-scheme rules", "source": "https://www.pxp.io/payments-glossary/card-scheme-rules", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Acquiring market", "source": "https://fintechnews.ch/fintechmalta/fintech-in-malta-2026-market-overview/81729/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Acquiring market exit", "source": "https://iclg.com/practice-areas/fintech-laws-and-regulations/malta/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w9-product-innovation-market-development", "standing_position": "Innovation is anchored by the MFSA FinTech Strategy (2019), the FinTech Regulatory Sandbox (Rule 3 of the MFSA Act, launched 2020, revised v2), and a dedicated FinTech Supervision Function and Innovation Office. Open banking exists via PSD2 APIs but adoption remains nascent; PSD3/PSR and FiDA (expected ~2027) will deepen open finance. MFSA is a GFIN member and participates in the EU Supervisory Digital Finance Academy. Instant-payments rollout and EMT issuance are key product developments.", "findings": [ { "finding": null, "instrument_type": "MFSA FinTech Strategy / Sandbox (Rule 3)", "source": "https://www.mfsa.mt/our-work/fintech/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "FinTech Regulatory Sandbox", "source": "https://www.mfsa.mt/fintech/regulatory-sandbox/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Open banking (PSD2) / PSD3-FiDA", "source": "https://noda.live/articles/open-banking-in-malta", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Market relocation", "source": "https://fintechnews.ch/fintechmalta/fintech-in-malta-2026-market-overview/81729/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w10-consumer-protection-app-fraud", "standing_position": "No EU-wide mandatory APP-reimbursement regime; OAFS (Cap. 555) ADR route and published PSP/PSU responsibility-allocation model govern scam reimbursement; MFSA launched anti-fraud public-private partnership 8 Apr 2026 (MFSA, Police, OAFS, FIAU, CBM).", "findings": [ { "finding": null, "instrument_type": "Arbiter for Financial Services Act (Cap. 555)", "source": "https://gtg.com.mt/financial-service-providers-and-the-arbiter-for-financial-services-a-dive-into-dispute-resolution/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "OAFS responsibility-allocation model", "source": "https://www.financialarbiter.org.mt/content/model-allocation-responsibility-between-payment-service-provider-psp-and-payment-services", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "APP-fraud reimbursement regime", "source": "https://www.ccmalta.com/publications/eu-payment-services-law-and-scam-refunds-what-victims-need-to-know-in-2026", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Anti-fraud public-private partnership", "source": "https://www.crowdfundinsider.com/2026/04/274113-malta-mfsa-advances-financial-sector-resilience-with-new-anti-fraud-alliance-and-insurance-oversight-review/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w11-aml-cft-financial-crime", "standing_position": "sentinel: Malta's AML/CFT posture is led by the FIAU under the PMLFTR (transposing EU AML directives), with MFSA financial-crime compliance supervision. Malta was the first EU state grey-listed by FATF (June 2022–June 2023) and has since strengthened the FIAU and enforcement. The FIAU AML/CFT Supervisory Plan 2025–2026 targets crypto beneficial ownership, money remittances and trade-based ML. Carried as Sentinel feed only — no original illicit-finance analysis.", "findings": [ { "finding": null, "instrument_type": "sentinel: PMLFTR / PMLA", "source": "https://www.acams.org/en/news/legal-brief-malta-implements-aml-reforms-to-avoid-fatf-gray-list", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": "Malta's AML/CFT regime rests on the Prevention of Money Laundering Act and PMLFTR regulations, supervised by FIAU (FIU) and MFSA (financial/VASP licensing). Malta was FATF/MONEYVAL grey-listed June 2021-June 2022; it retains a bespoke citizenship-by-investment programme (ruled unlawful by the CJEU in April 2025), an active crypto-licensing hub, and a large maritime flag registry exposed to sanctions-evasion shipping.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Malta", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: absent-field-provenance", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: OFSI divergence", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-003)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: political-constraint", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w12-correspondent-banking-settlement-access", "standing_position": "Settlement access in Malta runs through the Eurosystem (T2/TIPS) via the Central Bank of Malta; significant institutions (BOV, and historically HSBC Malta) are directly ECB-supervised, while LSIs sit under MFSA day-to-day supervision. Malta has faced acute correspondent-banking de-risking pressure — BOV lost its last USD correspondent (ING) in 2019 amid global de-risking and reputational concerns — though USD-clearing and BOV's financials recovered by 2024. Many Malta firms run operations through EMIs (Revolut/Wise) alongside traditional bank accounts.", "findings": [ { "finding": null, "instrument_type": "Correspondent banking de-risking", "source": "https://www.maltatoday.com.mt/business/business_news/95724/bank_of_valletta_to_lose_us_dollar_transactions_provider_by_december", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "ECB/SSM supervision & settlement access", "source": "https://en.wikipedia.org/wiki/List_of_banks_in_Malta", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Correspondent banking recovery", "source": "https://jeangalea.com/malta-fatf-grey-list/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Bank ownership change", "source": "https://en.wikipedia.org/wiki/List_of_banks_in_Malta", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malta/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12m commercial activity: BVNK MiCA CASP licence (Feb 2026); HSBC Malta sold to CrediaBank and MDB Group to Banka Creditas; 2025 fintech funding peak >$2bn (Binance-dominated); Gemini EU-HQ relocation 2025.", "findings": [ { "finding": null, "instrument_type": "commercial_event: CASP licence", "source": "https://www.weex.com/news/detail/the-mica-fast-track-for-cryptocurrency-licenses-why-okx-and-bvnk-choose-malta-714757", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: bank acquisition", "source": "https://en.wikipedia.org/wiki/List_of_banks_in_Malta", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: funding", "source": "https://tracxn.com/d/explore/fintech-startups-in-malta/__4REGIIkWsxeReT-nPEnSBDRnMU6CEtlEa6BmN2ev7_U#top-companies", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: HQ relocation", "source": "https://fintechnews.ch/fintechmalta/fintech-in-malta-2026-market-overview/81729/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }