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Report Says Billions of Cryptos Were Moved in Malta amid ‘Lax’ Supervision

Reports from the Maltese media outlets are showing that almost €60 billion worth in cryptocurrencies have been moved through the island after it was declared a “blockchain island.” According to the Times of Malta, the figure is considered a problematic one by global experts, considering the current anti-money laundering rulings in the country and its coverage among the crypto assets.

Moreover, last week, the Financial Action Task Force (FATF) met in Paris to discuss the possibility of including Malta in the list of countries not doing enough to stop financial crimes. “Sources said the Maltese authorities insisted that the sector is now robustly regulated, while defending its case. They also argued with the FATF that the figure is just two percent of global annual transactions,” the media outlet noted.

Although the number of prosecutions related to financial crimes had increased in the islands, sources quoted by the Times of Malta who participated in the FATF meeting believed it wasn’t enough to stop the criminal activity within the industry.

Latest Crypto Licenses Granted by Malta

Regarding the regulatory environment for the cryptocurrency sphere in Malta, the government passed some laws for the purpose in 2018, targeting blockchain and crypto businesses. Still, the same sources mentioned above claimed that Malta facilitated “a large volume” of virtual currencies’ transactions without enough oversight from the authorities.

But Malta keeps being active in the crypto sphere by granting licenses to crypto companies to operate on the island. In May, Crypto.com received a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority (MFSA). The license will allow the company to offer services like the execution of orders on behalf of other persons, custodian, or nominee services and dealing on its own account. The crypto company received in-principle approval from the MFSA last November for a Financial Institution License.

   

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