$71B in crypto has reportedly passed through ‘blockchain island’ Malta since ...
The Financial Action Task Force, a membership body of 37 jurisdictions and two regional organizations, has flagged Malta’s initial push to attract cryptocurrency business as “problematic.” Malta’s strategy to become a global enclave for digital assets appears to be working, though lax regulatory oversight has raised concerns over money laundering and other financial crime. Roughly $71 billion, or 60 billion euros, worth of cryptocurrencies have passed through Malta since the tiny Mediterranean state first adopted its “blockchain island” strategy in 2017, the Times of Malta reported Sunday.....
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Malta’s plan to become a"‘blockchain island" appears to have stalled, with few retail banks indicating a willingness to work with crypto firms. Malta’s Finance and Employment Minister, Clyde Caruana, has revealed that the nation’s plan to become a “blockchain island” is floundering due to the unwillingness of local banks to work with innovative firms.Speaking to local media outlet Lovin Malta, Caruana noted that few local businesses have been able to secure banking partners, asserting: “Traditional banks have written off blockchain at its early stages.”“The banks must be convinced that....
The MFSA is finally issuing the first licenses formed under the crypto laws introduced in 2018. Cryptocurrency exchange and debit card provider Crypto.com has scored major regulatory approvals from the Maltese government.According to a Nov. 24 announcement, the Malta Financial Services Authority, or MFSA, has granted Crypto.com two financial licenses: a Financial Institution License and a Class 3 Virtual Financial Assets, or VFA, License.The Financial Institution License officially enables Crypto.com to provide payment services and issue electronic money. A Class 3 VFA License allows....
The commissioner for voluntary organizations in Malta has warned that he may take legal action against a charity foundation run by cryptocurrency firm Binance for failing to file accounts on multiple occasions. Binance Faces Legal Issues In Malta According to the Times of Malta, the foundation is being sued by the Malta Community Chest Fund, […]
The Malta Stock Exchange has announced that it has created a Blockchain Committee to formulate a strategy geared towards addressing the blockchain technology. The committee, which will consist of members of the Exchange’s Board, chairman and chief executive, and outside experts, will be chaired by Dr. Abdalla Kablan, a Malta Stock Exchange Director, an entrepreneur and academic specializing in machine intelligence, big data, analytics, and computational finance. Mr Joseph Portelli, chairman of the Malta Stock Exchange, said in a statement : Malta and the MSE are quite fortunate to have at....
Regulators in Japan, the United Kingdom and the Canadian province of Ontario have all tightened their grip on cryptocurrency exchanges. Binance has been caught in the crosshairs. The world’s largest cryptocurrency trading platform, Binance, has faced regulatory upheaval over the past week as jurisdictions clamped down on the use of unauthorized exchanges and warned citizens against accessing them. For Binance, adopting the moniker of “global exchange” has done very little to appease regulators that require specific licenses to offer financial services to their citizens. Below is a brief....