Malta was ahead of the curve on crypto. In 2018, while most of Europe still treated digital assets with scepticism or outright hostility, we went in the opposite direction. We didn’t just tolerate the sector, we engaged with it. We legislated a purpose-built framework, the Virtual Financial Assets (VFA) regime, that showed we were serious about understanding the technology and building around it.The returns weren’t immediate. There was plenty of ambition, but the impact was limited. Some felt it made sense to move early, others questioned whether it was worth the effort. But whatever your view, the fact remains that Malta now finds itself in a strong position. That early framework, even if it didn’t deliver overnight results, has given us the tools and experience to build on today.As the EU’s Markets in Crypto-Assets (MiCA) regulation comes into force, Malta is once again in a strong position. While other countries are still figuring out how to apply MiCA, Malta is already issuing licences. We’ve built the institutional knowledge. We’ve trained the regulators. And global players like OKX, Crypto.com and Gemini are choosing Malta because we were ready before most.This is our second chance to build a serious crypto industry. And this time, we need to make it count.Crypto Can Be Malta’s Next Strategic SectorThe crypto industry isn’t just about currencies or speculative assets. It’s an ecosystem. Custody, tokenisation, decentralised finance, payment rails, digital identity, infrastructure. All of these are real business lines with long-term economic value. The countries that succeed in this space will treat it not as a temporary trend but as a strategic pillar of their economy.That’s what Malta did with gaming. We didn’t just licence companies. We built an ecosystem. We invested in regulation, skills, and support services. We made it part of our national identity. Crypto deserves the same level of intent. We already have the ingredients: a flexible system, competent regulators, and credibility in the space. What we need now is direction.Being small is an advantage here. It allows us to move quickly, cut through bureaucratic layers, and coordinate between institutions. In crypto, where agility and legal clarity are everything, that’s a competitive edge. We can create a model that works for the right kind of companies. These are serious players that want a European base, value transparency, and understand the importance of compliance.And yes, the big names are part of that. OKX and Crypto.com might not be perfect, but they’re major brands that dominate the space. If Malta wants to be taken seriously, we need to be in conversation with these companies. More importantly, we need to be in a position to supervise them. That means strong rules, clear communication, and the power to pull a licence if something goes wrong.We don’t need to chase everyone. We don’t need to offer the fastest approvals in Europe. What we need is a reputation for consistency. If Malta becomes known as the country where compliance is fair, fast and high-quality, not overly lax and not overly slow, we’ll get the right kind of growth. Not a flash-in-the-pan boom, but long-term value.Let’s Lead Without Handing Brussels the ScissorsThat’s what makes the current moment so delicate. If we get this right, Malta could become Europe’s trusted node for digital asset regulation. But if we move too fast or too carelessly, we’ll once again risk becoming the excuse for Brussels to intervene.The comparison to the Individual Investor Programme (IIP) is worth making. Not because crypto is the same as citizenship, but because the politics are familiar. Malta set up a legal, regulated scheme. It passed every audit. It followed its own rules. But it upset the balance of power in the EU. It made other countries uncomfortable. Eventually, that was enough for the European Court of Justice to shut it down.Of course, it’s not just that the EU singles us out. We’ve made it easy to be singled out. From the FATF greylisting to weak enforcement in key sectors, Malta has at times handed over the justification on a silver platter. That’s precisely why we should be approaching this moment differently. We have genuine advantages—regulatory experience, agility, international recognition—and the opportunity to shape a fast-growing sector. But to make the most of it, we need to stop giving others reasons to doubt us. The conditions are there. What’s needed now is execution.We shouldn’t be naïve. The same will happen here if Malta is seen to be commercialising access to a shared European framework. MiCA is EU law. If we undermine it, even inadvertently, the calls for centralisation will get louder. Bigger countries will want more control. ESMA will be handed more power. Malta will lose the very autonomy it worked so hard to build.But that doesn’t mean we should retreat. On the contrary, this is the moment to lead. We should own our early role in crypto regulation. We should build the best version of MiCA implementation in Europe. We should use our seat at the table to shape how the sector evolves.Crypto doesn’t want chaos. It wants clarity. Firms are looking for reliable, transparent regulators. If Malta offers that, we’ll win their trust. With it, we’ll gain long-term investment, jobs, and credibility.We don’t need to be the biggest hub. We just need to be the one that works.That means being selective. Being smart. Being serious.Above all, it means remembering that our success will bring scrutiny. That’s the cost of doing well. We shouldn’t fear it, but we shouldn’t invite it either. Let’s not make the same mistake twice. Let’s not hand Europe the scissors and then act surprised when it cuts.We got crypto right early. Now let’s get it right long-term. Let’s build something serious, something that lasts, and prove once again that small countries can lead the way if they play it smart.•