The European Securities and Markets Authority (ESMA) has released findings from a peer review of Malta's authorization of a Crypto Asset Service Provider (CASP). The review examined the Malta Financial Services Authority's (MFSA) approach to authorizing and supervising CASPs under the MiCA regulation. While acknowledging the MFSA's good resources and engagement, the report identified areas for improvement in the authorization assessment process. Specifically, some material issues and risk areas were not fully resolved or adequately assessed before authorization was granted. The MFSA did demonstrate expertise and cooperation with other supervisory bodies. ESMA advises all National Competent Authorities (NCAs) to carefully consider identified risk areas during CASP authorizations. These risks include business growth, conflicts of interest, governance, ICT architecture, Web3, and decentralized products. The peer review aims to promote consistent and sound CASP authorizations across the EU. ESMA encourages all NCAs to implement the recommendations to ensure thorough assessments in the evolving crypto sector. This initiative reinforces the role of EU supervisors as gatekeepers for the EU's crypto market. ESMA will continue to facilitate discussions and cross-border cooperation based on these findings.