European financial regulatory authorities are investigating whether Malta violated MiCA regulations when authorizing cryptocurrency companies

On July 10th, according to CoinDesk, the European Securities and Markets Authority (ESMA), the financial regulatory body of the 28 European trading union, has conducted a peer review of Malta's implementation of the Crypto Asset Market Regulation (MiCA) framework, with a particular focus on the island's fast track authorization process for an unnamed cryptocurrency company. The Peer Review Committee (PRC) of ESMA focused on reviewing the authorization status of the Crypto Asset Service Provider (CASP entity), and although there were still "significant issues unresolved or pending" at the time of obtaining MiCA authorization, the entity was still approved for authorization.