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Malta: Financial Regulator Approves First 14 Crypto Assets Agents

The Malta Financial Services Authority approves the first 14 crypto assets agents, which filed applications last fall. The Malta Financial Services Authority (MFSA) has approved its first 14 crypto assets agents that previously sought for a license, according to an official statement published today, April 2. The approval comes five months after the Virtual Financial Assets Act (VFA), adopted by Maltese government last year, came into power. According to local newspaper the Times of Malta, over 250 applications were initially filed by lawyers, accounts and auditors. However, nearly two thirds of them failed to pass the official assessment process. Only 28 of them finally succeeded to apply for a license, and 14 were approved with “minor details” to be fixed, the newspaper writes. The watchdog states that its representatives will now be assisting these crypto services providers under the VFA. According to the MFSA, the agents are now obliged to evaluate their customers’ business plans ..

Malta Digital Exchange Relocates Operations to Malta Stock Exchange Premises

The Malta Digital Exchange has announced the relocation of its offices to the Malta Stock Exchange. Malta Digital Exchange (MDX) is moving in with the Malta Stock Exchange (MSE) in contemplation of the launch of its digital exchange division, the Times of Malta reported on March 5. MDX is reportedly in the process of obtaining a securities license to promote a multilateral trading platform that will introduce a secondary market for digital assets trading. MDX founder and executive chairman Rick Klink said that the “move to the Maltese Stock Exchange means that we are now physically positioned to be at the heart of the next wave of institutional financial innovation.” The move comes the wake of the International Monetary Fund’s (IMF) statement that the Malta Financial Services Authority (MFSA) has critical gaps in its supervision for Anti-Money Laundering (AML) and combating the financing of terrorism (CFT) earlier this month. In its Financial System Stability Assessment Report, the IM..

Report: Blockchain and Crypto Firms in Malta Face Difficulty in Finding...

Maltese blockchain and crypto-related companies are reportedly struggling to open bank accounts, as banks are purportedly declining their applications. Blockchain companies in Malta are reportedly struggling with opening bank accounts, local news outlet the Times of Malta reported on Mar. 1. The Times of Malta allegedly contacted a number of legal firms and financial companies, who confirmed that banks were declining their applications to open bank accounts, saying that it was beyond their “risk appetite.” The sources reportedly said that banks did not differentiate between digital currency and blockchain, though they were not always connected. Parliamentary Secretary for Financial Services Silvio Schembri reportedly told the Times of Malta that some banks were willing to open accounts for blockchain companies, but not for cryptocurrency-related ones. Schembri said that “one should make a clear distinction between blockchain operators and crypto operators.” Schembri is reportedly cond..

IMF Recommends Immediate Action on Malta’s AML and CFT Supervision

The IMF has said that Malta does not have the proper supervision for AML and CFT and is calling for “urgent action.” The International Monetary Fund (IMF) has said that the Malta Financial Services Authority (MFSA) has critical gaps in its supervision for anti-money laundering (AML) and combating the financing of terrorism (CFT), and is recommending “urgent action.” The news was reported by local news outlet the Times of Malta on Feb. 28. A Financial System Stability Assessment Report was purportedly issued by the IMF on Thursday, Feb. 28, and represents an assessment of Malta’s financial system, the quality of the regulatory and supervisory framework, as well as the country’s ability to cope with financial crises. Per the report, the IMF stated that “containing financial integrity risks is critical to financial stability. A multi-prong approach is needed to address AML/CFT deficiencies. Enhancing the AML/CFT system is required to protect the financial sector and the broader economy f..

Malta to Store Education Certificates On a Blockchain

In Malta, all education certificates will be stored on the blockchain following the continuation of a two-year pilot program. In Malta, all educational certificates will be stored on a blockchain, local English-language local media MaltaToday reports on Feb. 21. The initiative is reportedly the scaling-up of a two-year-old pilot project to include all the nation’s schools, including secondary school certificates issued by the state, church and independent schools. According to the report, the Maltese government signed a two-year contract with software company Learning Machine, to build on the aforementioned pilot project. During the signing ceremony at Castille, Prime Minister Joseph Muscat reportedly claimed that Malta is the first country in the world to put all education certificates on a blockchain. He is also cited in the article saying: “In 2017, we said Malta will become the blockchain island, and it has.” As Cointelegraph reported in January, the University of Bahrain also iss..

Malta’s Regulatory Framework Has Attracted Crypto Players, but International Watchdogs and...

The International Monetary Fund claimed that the growth of blockchain in Malta has created major risks of money laundering. Last week, the International Monetary Fund (IMF) claimed that the growth of blockchain in Malta has created major risks of money laundering and terrorism financing in the island’s economy, as per the local media. Malta is renowned for its crypto-friendly politics, whose efforts in the field have earned it the moniker of “blockchain island.” However, its push for becoming the international crypto hub has attracted criticism from both global watchdogs and local opposition. Crypto-friendliness is one of the main priorities for the Maltese governmentOn Jan. 24, the Times of Malta reported on preliminary findings that the IMF allegedly presented after visiting the island. The international organization highlighted blockchain — alongside remote gaming sectors and the government’s citizenship-by-investment scheme — as being high on their list of concerns regarding poss..

Malta’s Financial Watchdog Warns Global Investors Against ‘Bitcoin Revolution’ Scam

The Malta Financial Services Authority has warned global investors against a scam scheme known as Bitcoin Revolution. The Malta Financial Services Authority (MFSA) has issued a warning against an alleged global scam scheme known as “Bitcoin Revolution,” according to an official document published today, Jan. 25. According to the Maltese regulator, the alleged crypto scam represents a typical get-rich-quick scheme, and operates through the website the-bitcoinrevolution.org and several other unnamed websites. The fraudulent entity also reportedly promotes its scheme by using advertising on unspecified social media platforms that redirects users to pages containing a number of prominent local personalities that claim to make large profits from crypto investments. The warning statement notes users are redirected to those pages without their consent. The MFSA has stressed that to date no entity is authorized under its Virtual Financial Assets Act (VFA), which was passed in July 2018 to dat..

International Monetary Fund Says Growth of Blockchain in Malta Poses Significant...

A mission from the IMF has judged that the growth of blockchain in Malta has created significant risks of money laundering and terrorism financing. A mission from the International Monetary Fund (IMF) has judged that the growth of blockchain in Malta has created significant risks of money laundering and terrorism financing in the island’s economy. The news was reported in local English-language daily the Times of Malta on Jan. 24. According to the article, the IMF announced its findings following a visit to the island, and isolated blockchain — alongside financial and remote gaming sectors and the government’s citizenship-by-investment scheme — as being high in their list of concerns regarding possible anti-money-laundering (AML) compliance violations. As reported, the Maltese parliament has passed three blockchain- and crypto-related bills in a bid to spearhead innovation and establish a robust and transparent crypto regulatory climate. The country’s prime minister, Joseph Muscat, ha..

Malta, Italy Issue Joint Warning Over Potential Unlicensed Cryptocurrency Exchange

A statement from Maltese regulators requires site OriginalCrypto to stop serving the Italian and Maltese markets. Malta has warned citizens about an unlicensed cryptocurrency exchange serving its domestic market. Regulators ordered the platform to stop operating in a notice Dec. 5. The offending platform, OriginalCrypto, had first come to the attention of Italian officials concerned it may not have the required license to offer authorized “investment services and activities.” The platform’s owner, SolutionsCM Ltd., has now come under scrutiny from both countries, with Malta’s Financial Services Authority (MFSA) sharing the warning from Italy: “The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered the following companies to cease infringement of art. 18 of the Italian Legislative Decree No. 58/1998, consisting of the provision of unauthorised investment services and activities to the Italian public performed by SolutionsCM Ltd. via the www.originalcrypto.com website...

Digitex Preparing for First Live Demo at Malta Blockchain Moot

Advertisement This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Cryptocurrency futures trading is becoming a big deal in investment circles. After the launch of the first Bitcoin futures program, exchange projects are now looking to attract new customers in the space with fresh innovative platforms with lower fees. Digitex Futures Ltd Digitex Futures Ltd is one of these platforms looking to capture the coin futures market. The exchange is looking to give a live demo at the Malta Blockchain Conference from November 1st – 2nd 2018 for the very first time. The event is set to be a valuable venue for getting the necessary traction for the project. The exchange has also announced a new partnership with Ethereum’s core Plasma development team, Matter Inc. The exchange aims to become a zero-fee futures exchange with non-custodial account balances. According to Adam T..
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