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$ 71 billion in crypto has been reported since 20 nm. moved to the “Blockchain Island” Malta

June 20, 2021 - Around 2 mins mins to read

Malta’s strategy of becoming a global digital asset region appears to be working, although lax government scrutiny has raised concerns about money laundering and other financial crimes.

About 71 billion US dollars or 60 billion euros in cryptocurrency value has flowed through Malta since the small Mediterranean nation first adopted a “blockchain island” strategy in 2017, the Times of Malta reported on Sunday. Although Malta has been improving its crypto-centric regulations in recent years, financial watchdogs are still concerned about whether the national anti-money laundering regime is strong enough.

The Financial Action Task Force (FATF) met in Paris last week to discuss whether to include Malta on the list of countries that have failed to meet their commitments to prevent financial crime. In particular, financial regulators were concerned about Malta’s first attempt at launching crypto in 2017 and 2018 when the sector was less regulated. FATF officials also expressed concern about the country’s law enforcement agencies.

Several blockchain companies launched operations in Malta in 2018 in anticipation of more favorable laws, including the Binance cryptocurrency exchange. Companies that set up in the country are allowed to operate without a license for up to one year. An industry source told The Times of Malta that the one-year grace period has resulted in an “explosion of high-risk transactions conducted by crypto exchanges in an unlicensed environment.”

Connected: Binance is not allowed to operate in Malta, says the financial regulator cho

However, Malta is still seen as a cheap destination for crypto asset companies. As reported by Cointelegraph, Crypto.com recently acquired the Malta Class 3 Virtual Financial Assets License, paving the way for wider recognition of cryptocurrencies across the European Union.

In June 2020, Malta expanded its blockchain ambitions and turned to more extensive digital assets to drive adoption and business growth. Kearon Bruno, President of the Think Tank Digital Economy charged with developing Malta’s economic portfolio, said, “We are moving from the blockchain island to a digital island because we believe in it. Believes more in the overall vision, everyone Aspects includes and “components of technology”. Cointelegraph then.

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Market

$ 71 billion in crypto has been reported since 20 nm. moved to the “Blockchain Island” Malta

Malta’s strategy of becoming a global digital asset region appears to be working, although lax government scrutiny has raised concerns about money laundering and other financial crimes.

About 71 billion US dollars or 60 billion euros in cryptocurrency value has flowed through Malta since the small Mediterranean nation first adopted a “blockchain island” strategy in 2017, the Times of Malta reported on Sunday. Although Malta has been improving its crypto-centric regulations in recent years, financial watchdogs are still concerned about whether the national anti-money laundering regime is strong enough.

The Financial Action Task Force (FATF) met in Paris last week to discuss whether to include Malta on the list of countries that have failed to meet their commitments to prevent financial crime. In particular, financial regulators were concerned about Malta’s first attempt at launching crypto in 2017 and 2018 when the sector was less regulated. FATF officials also expressed concern about the country’s law enforcement agencies.

Several blockchain companies launched operations in Malta in 2018 in anticipation of more favorable laws, including the Binance cryptocurrency exchange. Companies that set up in the country are allowed to operate without a license for up to one year. An industry source told The Times of Malta that the one-year grace period has resulted in an “explosion of high-risk transactions conducted by crypto exchanges in an unlicensed environment.”

Connected: Binance is not allowed to operate in Malta, says the financial regulator cho

However, Malta is still seen as a cheap destination for crypto asset companies. As reported by Cointelegraph, Crypto.com recently acquired the Malta Class 3 Virtual Financial Assets License, paving the way for wider recognition of cryptocurrencies across the European Union.

In June 2020, Malta expanded its blockchain ambitions and turned to more extensive digital assets to drive adoption and business growth. Kearon Bruno, President of the Think Tank Digital Economy charged with developing Malta’s economic portfolio, said, “We are moving from the blockchain island to a digital island because we believe in it. Believes more in the overall vision, everyone Aspects includes and “components of technology”. Cointelegraph then.

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