The Markets in Crypto-Assets Act (Fees) Regulations

The Markets in Crypto-Assets Act (Fees) Regulations (the “MiCA Fees Regulations”), which are the first set of regulations to have been published under The Markets in Crypto-Assets Act (the “MiCA Act”), implemented regulations regarding the fees applicable to notifications and authorisations (including extensions or modifications thereto), as applicable, which issuers of asset-referenced tokens (“ARTs”), e-money tokens (“EMTs”), and other crypto-assets, as well as crypto-asset service providers (“CASPs”), are subject to, and supervisory fees due to the Malta Financial Services Authority (the “MFSA”) as the competent authority under the MiCA Act.

Fees payable by issuers of EMTs

1. €3,000 upon the submission of a crypto-asset white paper; and
2. €1,000 where a crypto-asset white paper is modified in accordance with MiCA.

Fees payable by issuers of ARTs

1. €3,000 upon the submission of a crypto-asset white paper should the submission be made by a credit institution intending to issue ARTs;
2. €8,000 upon the submission of a crypto-asset white paper should the submission be made by legal persons or other undertakings, other than credit institutions, intending to issue ARTs;
3. €1,000 where a crypto-asset white paper is modified in accordance with MiCA;
4. €3,000 for any subsequent application for the issuance of additional ARTs by an existing ART issuer; and
5. an annual supervisory fee, other than the first annual supervisory fee[1], of 0.01% of the average outstanding ARTs (i.e. the average amount of outstanding ARTs for the last six calendar months) up to a maximum of €250,000, subject to a minimum of €2,000.

Fees payable by an offeror, a person seeking admission to trading, or an operator of a trading platform for crypto-assets other than EMTs or ARTs

1. €2,500 upon the submission of a crypto-asset white paper; and
2. €1,000 where a crypto-asset white paper is modified in accordance with MiCA.

Fees payable by CASPs

1. when submitting an application to act as a CASP[2]:
   • €10,000 where the prospective CASP intends to provide Class 1 crypto-asset services
   • €20,000 where the prospective CASP intends to provide Class 2 crypto-asset services; and
   • €25,000 where the prospective CASP intends to provide Class 3 crypto-asset services; provided that where multiple services under several classes will be provided, only the highest applicable application fee shall apply;
2. a modification fee of €1,000 should the CASP intend to stop providing one or more, but not all, crypto-asset services which it is authorised to provide; and
3. an annual supervisory fee due by legal persons or undertakings authorised to act as CASPs, other than the first annual supervisory fee[3], composed of the aggregate of:
   1. €10,000, €20,000, or €25,000 if the CASP is authorised to provide Class 1, Class 2, or Class 3 crypto-asset services, respectively; and
   1. €2,000 for every service which the CASP is authorised to provide; and
   1. 0.05% of the transaction volume of such CASP up to a maximum of €250,000.

The MFSA has noted that in formulating the applicable fees, due regard was given to existing fees of a similar nature which are due to the MFSA at law in relation to activities which are comparable to the issuance of crypto-assets and the provision of crypto-asset services. According to the MFSA, the fees stipulated in the MiCA Fees Regulations are intended to ensure proportionality, with the following factors having been considered in the formulation of the said fees: (i) the complexity of the business model; (ii) the volume of business; and (iii) the cost of the resources which the MFSA would require to carry out the relevant functions under MiCA and the MiCA Act.

Should you require further information or guidance, please do not hesitate to contact Malcolm Falzon (malcolm.falzon@camilleripreziosi.com), Luke Mizzi (luke.mizzi@camilleripreziosi.com), or Liam Axisa (liam.axisa@camilleripreziosi.com). 

[1] The first annual supervisory fee shall be calculated on a pro rata basis and subject to the specific maximum set out in the MiCA Fees Regulations

[2] Interestingly in the case of a VFA service provider licensed under the VFA Act submitting an application between 30 December 2024 and 1 July 2026, a 50% reduction to the application fees shall be applied. A reduction of fees of 25% shall apply in the case of applications by authorised CASPs.

[3] The first annual supervisory fee shall be calculated on a pro rata basis as set out in the MiCA Fees Regulations.