The Financial Action Task Force, a body that consists of 37 jurisdictions and two regions, is blaming Malta for accepting crypto in its early days.
Malta had it in its plan to be a crypto hub so it started early to adopt crypto. Unfortunately, that decision is now being criticized by other members of the Financial Action Task Force for its role in driving money laundering through cryptocurrencies.
Malta is said to have allowed $71 billion pass through it illegally due to its early adoption of crypto, when regulations for the industry were not yet developed. Despite making changes to what was the norm regarding crypto adoption in Malta, some countries are still worried over the capacity of Malta’s anti money laundry policies.
Last week, the FATF came together to decide on Malta’s position towards money laundry. They actually wanted to decide if Malta’s position to support crypto 3-4 years ago was a very bad one. They also wanted to know if Malta is presently fit to fight money laundry with its current regulatory policies.
Binance and other blockchain companies found refuge in Malta three years ago as they found the country favorable for their needs. Other crypto firms also came and were allowed to work without passing through any stringent government demands for one year. Someone said to the Times of Malta that giving firms one year to run their businesses without any regulation contributed greatly to the high count of money laundry activities that is believed to have passed through Malta.
However, not many are looking down on Malta at this important moment of crypto revolution. A classic example of the modern day adoption is crypto.com’s decision to plant more businesses in the country after securing a license. This will make Malta recognized in the continent as a crypto hub.
Last year in June, Malta embraced more blockchain activities. That was the period when Kearon Bruno announced: “We’re moving away from blockchain island, and more towards a digital island because we believe more in this holistic vision that includes all aspects and technological components.” Bruno was a government official assigned the task of improving the economy of Malta.
The article posted herein is published by members of this site. Any information you find on this article is base on the opinion and view of the publisher. You are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this article.
Team Reviewparking is no third party and we can't handle any queries whatsoever.