The Maltese Chamber of Commerce business unit is responding to allegations of lax crypto surveillance

A business unit of that the Maltese Chamber of Commerce has denied allegations that the nation failed to maintain adequate regulatory supervision of crypto businesses in the early stages of entering the business.

The Malta Chamber of Commerce’s virtual monetary asset traders business reacted on Sunday to a Times of Malta report alleging global financial regulators are concerned about money laundering and liquidation of domestic crypto businesses. In specific, sources close to that the Financial Action Task Force’s recent assembly in Paris told the daily that regulators consider that the speedy pursuit of Malta’s crypto deals comes at the price of due diligence.

“It should be reiterated that the VFA framework, for which the MFSA is responsible as the authority on VFA law, governs the cryptocurrency industry at a very high level,” the broker said in a statement. The written opinions is shared with the speedometer. They lasted:

“The licensing process administered by the MFSA is very strict, using a two-tier licensing system which contains licensed VFA agents and the MFSA itself to ensure that only legal entities function in a high quality level to function in Malta. “

The VFA framework refers to the Virtual Financial Assets Act, which came into effect on November 1, 2018. MFSA is an acronym for the Malta Financial Services Authority, the country’s only financial services regulator.

The Virtual Financial Asset Dealers Group was founded by the Chamber of Commerce in 2020 to come up with new proposals to improve the country’s VFA law. Agents represent a unified group of industry stakeholders who ensure that the VFA framework is maintained and propose solutions to existing challenges in the industry.

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In their response, the agents also stated that the conclusion that Malta had “loose supervision ” was “totally imprecise, both in fact and in substance” as the MFSA continues to apply oversight in this area.

Her response also addresses the negative portrayal of a 12 month transition period for new crypto companies landing in Malta. “It is common practice, even at EU level, to set a time limit when new regulatory requirements are introduced and enforced in an industry,” they said.

The agents also poured cold water on the money laundering threat, claiming that people ledger cryptocurrencies such as Bitcoin (BTC) were very helpful in fighting crime.

Malta has no plans to slow down the adoption of electronic assets anytime soon. In June 2020, the nation expanded its blockchain ambitions to pursue digital assets more .