On July 10, CoinWorld reported that the European Securities and Markets Authority (ESMA) recently conducted a peer review of Malta's authorization process under the Markets in Crypto-Assets Regulation (MiCA). ESMA questioned the Malta Financial Services Authority (MFSA) for granting an authorization to a certain Crypto Asset Service Provider (CASP) while key issues remained unresolved. The review pointed out that the MFSA failed to make full use of the time during the authorization process to ensure that the business rectified core deficiencies before approval. In addition, ESMA stated that the assessments in some key areas, such as business expansion, conflicts of interest, and governance arrangements, were insufficient. Nevertheless, ESMA recognized Malta's good performance in terms of regulatory resources, and the MFSA welcomed the review's opinions.