As a Partner within Ganado Advocates’ investment services and funds department, Marina Grech has built a career advising clients across Malta’s financial services industry.
Her expertise spans company service providers, management companies, brokers, and investment structures including venture capital, real estate, and private equity funds.
For Grech, the digital transformation of financial services has been the defining force of recent years. “The adoption of the Virtual Financial Assets Act in 2018 was the starting point,” she explains. “By the time MiCA came into force last year, Malta already had a well-prepared crypto market, giving local operators a clear head start.”
The arrival of a harmonised EU regime under MiCA, combined with the passportability of crypto-asset services, has positioned Malta strongly in the European market. The simultaneous introduction of DORA, meanwhile, has raised the bar for digital operational resilience.
“It’s also brought a renewed appreciation for compliance,” she adds. “DORA is no longer just about avoiding breaches but about investor confidence and credibility. It has brought a renewed appreciation for compliance”.
In her practice, DORA has had the most immediate impact. Its broad scope requires financial entities to examine their systems and controls to ensure resilience against ICT-related disruption.
In parallel, the forthcoming AIFMD II is already influencing structuring decisions for both new and existing operators. “It’s the first major reform of the alternative asset management framework since the directive
came into force, and it’s already shaping the landscape.”
Looking ahead, Grech believes Malta’s early leadership in crypto regulation will continue to pay dividends.
“With the experience gained under the VFA Act, we’ve entered MiCA with maturity and readiness. As standards rise, we’ll see market consolidation and a gradual institutionalisation of the crypto sector.”
“At the same time, there is opportunity in Malta’s fund industry. The reforms under AIFMD II, coupled with the Notified AIF regime, the launch of Notified PIFs, and a strengthened compliance culture, can make Malta attractive again for fund promoters and family offices.”
To sustain progress, she says, the industry must prioritise efficiency.
“We need to keep improving systems and timelines, ideally through AI integration. Our competitive edge lies in maintaining high standards with fast turnarounds. That’s what will keep Malta ahead.”
The above is an extract from the full article, which was published on “The Sunday Times” on 18/11/2025.
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