The European Financial Regulator is investigating whether Malta violated the MiCA regulation when authorizing crypto firms.

BlockBeats News, July 10th, according to CoinDesk, the European Securities and Markets Authority (ESMA), the financial regulatory body of the European Union's 28-country trade bloc, has conducted a peer review of Malta's implementation of the Markets in Crypto-Assets Regulation (MiCA) framework, with a specific focus on the island's expedited authorization process for an unnamed crypto company.

ESMA's Peer Review Committee (PRC) specifically examined the authorization of this crypto asset service provider (CASP entity), and despite there being "significant outstanding issues to be resolved or rectified" at the time of MiCA authorization, the entity was still approved for authorization.