Malta is a small euro-area financial centre whose single regulator, the Malta Financial Services Authority (MFSA), licenses banks (with the ECB), payment and e-money institutions, investment firms, funds and crypto-asset service providers. It is best known internationally as the leading EU licensing hub for remote gaming, regulated by the Malta Gaming Authority (MGA).
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes6
CurrencyEUR
S&P ratingA-
Next electiondue by 2031
Malta is not on the FATF grey or black lists after the June 2026 plenary (17 to 19 June 2026); as an EU Member State it cannot appear on the EU high-risk third country list (last amended by Delegated Regulation (EU) 2026/46, published 9 January 2026) or on Annex I of the EU tax list (last revised 17 February 2026). Checked 7 October 2026.
Government and politics
Government
Parliamentary republic
President
Myriam Spiteri Debono · since April 2024
Prime Minister
Robert Abela (Labour Party)
Governing parties
Labour Party
Last election
General election (snap), 30 May 2026
Next election
General election, due by 2031
Legislature
House of Representatives (unicameral; 65 directly elected seats plus corrective seats, 79 members after the 2026 election)
Legal system
Mixed system of English common law and civil law based on the Roman and Napoleonic civil codes; subject to EU law
Economy and finance
Population
579.7k (2025)
GDP
USD 27.8bn (2025)
GDP per person
USD 49,297 (2025)
Currency
Euro (EUR), euro
Central bank
Central Bank of Malta (part of the Eurosystem)
Credit rating
S&P A- (stable) · Moody's A2 (stable) · Fitch A+ (stable) (as of August 2026)
A small, high-income EU and euro area economy driven by tourism, financial services, remote gaming and manufacturing, with a sizeable fund and insurance sector supervised by the Malta Financial Services Authority.
Bank
Licence to carry on the business of banking (credit institution)
Minimum capitalUSD 5.6m
TimelineMFSA must determine within six months of receipt (or of complete information), and in any event within twelve months (BR/01 paras 37 to 39; CRD art. 15)
AuthorityECB on proposal of the MFSA (SSM parallel procedure)
EUR 5 million initial capital (Banking Act art. 7(1)(a))
Financial institution licence to issue electronic money (electronic money institution)
Minimum capitalUSD 392k
TimelineMFSA must determine within three months of receipt of a formal complete application (FIR/01 paras 43 to 44)
AuthorityMFSA
EUR 350,000 initial capital at authorisation; the MFSA may set a higher level (FIR/03 R3-2.11)
Law
Financial Institutions Act (Cap. 376), Third Schedule; MFSA Financial Institutions Rules FIR/01 and FIR/03
Fees
MFSA fees under the Financial Institutions Act: application and processing fee EUR 3,500; annual supervision fee 0.0002 x total assets, minimum EUR 2,500 (FIR/01 Appendix).
Passporting
Yes: EU/EEA passport for e-money issuance and payment services (European Passport Rights for Financial Institutions Regulations, S.L. 376.05).
Key requirements
Fit and proper directors, managers and qualifying shareholders
Safeguarding of funds received for e-money
Own funds of at least 2% of average outstanding e-money (EMD2 art. 5, method D)
Business plan, governance, internal control and AML/CFT arrangements per EBA/GL/2017/09
Financial institution licence to provide payment services (payment institution)
Minimum capitalUSD 140k
TimelineMFSA must determine within three months of receipt of a formal complete application (FIR/01 paras 43 to 44; PSD2 art. 12)
AuthorityMFSA
EUR 20,000 (money remittance only), EUR 50,000 (payment initiation services), EUR 125,000 (payment services in paras 2(a) to 2(e) of the Second Schedule) (FIR/01 para 31(3))
MFSA fees under the Financial Institutions Act: application and processing fee EUR 3,500; annual supervision fee 0.0002 x total assets, minimum EUR 2,500 (FIR/01 Appendix).
Passporting
Yes: EU/EEA passport under PSD2 (S.L. 376.05).
Key requirements
Fit and proper directors, managers and qualifying shareholders
Safeguarding of client funds
Professional indemnity insurance or comparable guarantee for payment initiation and account information services
Business plan, governance and AML/CFT arrangements per EBA/GL/2017/09
Crypto-asset service provider authorisation (MiCA)
Minimum capitalUSD 56k
TimelineMiCA art. 63: completeness check within 25 working days, decision within 40 working days of a complete application; no month figure is set
AuthorityMFSA
MiCA Annex IV: EUR 50,000 (class 1: advice, portfolio management, order execution, placing, transfer, reception and transmission), EUR 125,000 (class 2: adds custody, exchange for funds or other crypto-assets), EUR 150,000 (class 3: operating a trading platform), or one quarter of the previous year's fixed overheads if higher
Law
Regulation (EU) 2023/1114 (MiCA), arts. 59 to 63; Markets in Crypto-Assets Act (Cap. 647); MFSA Markets in Crypto-Assets Rulebook
Fees
Markets in Crypto-Assets Act (Fees) Regulations (L.N. 295 of 2024), reg. 6: application fee EUR 10,000 (class 1 services), EUR 20,000 (class 2), EUR 25,000 (class 3); only the highest applies. Annual supervisory fee EUR 10,000 / 25,000 / 50,000 by class, plus EUR 2,000 per authorised service, plus 0.05% of transaction volume capped at EUR 250,000. VFA licence holders applying between 30 December 2024 and 1 July 2026 paid reduced fees (EUR 5,000 / 10,000 / 12,500).
Passporting
Yes: MiCA passport by notification to provide services across the EU (art. 65).
Key requirements
Registered office in Malta with place of effective management in the EU and at least one director resident in the EU (MiCA art. 59(2))
Fit and proper management body and suitable qualifying shareholders
Prudential safeguards per MiCA art. 67 and Annex IV
Governance, custody, complaints handling and AML/CFT arrangements
TimelineMiFID II art. 7(3): decision within six months of a complete application
AuthorityMFSA
IFD art. 9: EUR 75,000 (reception and transmission, execution, portfolio management, advice, placing without firm commitment, with no client money), EUR 150,000 (other firms), EUR 750,000 (dealing on own account, underwriting or placing on a firm commitment basis, operating an OTF with own-account dealing)
Law
Investment Services Act (Cap. 370); Investment Services Act (Licence and Other Fees) Regulations (S.L. 370.03); MFSA Investment Services Rules
Fees
Per the Investment Services Act (Fees) Regulations as published by the MFSA (2013 text): application fee EUR 2,500 (Category 1a), EUR 3,000 (1b), EUR 5,000 (2), EUR 7,000 (3), EUR 17,000 (4a), EUR 7,500 (4b), plus annual supervisory fees by revenue. Confirm the current amended schedule with the MFSA.
Passporting
Yes: EU/EEA passport under MiFID II for branches and cross-border services.
Key requirements
Licence category set by the services provided and whether client assets are held (Category 1 to 4)
Fit and proper directors, compliance officer, MLRO and qualifying shareholders
Mind and management in Malta
Own funds and prudential requirements under IFR/IFD
Gaming Service Licence (B2C) and Critical Gaming Supply Licence (B2B)
Minimum capitalUSD 45k
TimelineNot published
AuthorityMGA
B2C minimum issued and paid-up share capital: EUR 100,000 (Type 1 casino-type games and Type 2 fixed-odds betting), EUR 40,000 (Type 3 and Type 4); cumulative for several types up to a cap of EUR 240,000. B2B share capital figure not confirmed.
One-time non-refundable application fee EUR 5,000. B2C fixed annual licence fee EUR 25,000 (EUR 10,000 for Type 4 controlled skill games only). B2B annual fee EUR 25,000 / 30,000 / 35,000 by revenue band (up to EUR 5m, EUR 5m to 10m, above EUR 10m), EUR 10,000 for Type 4 supply only; B2B back-office EUR 3,000 or 5,000. B2C pays monthly compliance contributions on gaming revenue (for example Type 1: minimum EUR 15,000, maximum EUR 375,000 a year) and 5% gaming tax on revenue from players in Malta.
Passporting
No: gaming is not harmonised in the EU; an MGA licence does not by itself authorise offering services in other Member States.
Key requirements
Applicant must be an EU/EEA-incorporated entity
Fit and proper review of shareholders, UBOs and key persons, with source of wealth and funds checks
Business plan, operating policies and technical documentation review
System audit by an MGA-approved independent service provider before go-live
Malta Financial Services Authority (MFSA) · websitebanks, E-money institutions, Payment service providers, Investment firms, Virtual asset service providers (VASPs), funds, Insurance, Trust companies
European Central Bank (Single Supervisory Mechanism) (ECB) · websitebanks
Malta Gaming Authority (MGA) · websiteOnline gaming
MiCA: Malta applied an 18-month transitional period, so VFA licence holders could continue until 1 July 2026 at the latest; the Virtual Financial Assets Act (Cap. 590) is repealed on 3 July 2026 under the Markets in Crypto-Assets Act, and only MiCA-authorised CASPs may now operate. Malta also licenses funds and fund managers and trustees through the MFSA (not detailed here). E-money institutions are licensed under the Financial Institutions Act; the Banking Act fee schedule still lists 'credit and electronic money institutions'. MGA timelines for licence decisions are not stated officially. Bank licences are granted by the ECB, as for all euro-area credit institutions.
General information
About Malta
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Valletta
Area
316 km²
Official languages
Maltese, English
Time zone
UTC+01:00 (UTC+02:00 in summer)
Main exports
Refined petroleum
Integrated circuits
Packaged medicine
Ships
Tourism
Financial services
Main export partners
Nigeria
Germany
China
Singapore
Hong Kong
Sources for the country information(12)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
