PanamaTimes

Monday, Mar 18, 2024

Regulators: $70 Billion in Crypto Passed Through Malta Island

Regulators: $70 Billion in Crypto Passed Through Malta Island

The island nation in the Mediterranean Sea, called Malta, has been known to be friendly toward cryptocurrency solutions and blockchain technology for a long time. According to a regional report, government sources say more than $70 billion moved through the country over past years while regulations were loose. In addition, the Financial Action Task Force (FATF) criticized the island nation at a recent confidential meeting.

FATF Criticism Towards Malta

“Sources privy to [a] confidential FATF meeting,” said that the financial regulator is concerned about Malta, according to a regional report published by timesofmalta.com. FATF held a confidential meeting and it’s been said that “some €60 billion in cryptocurrency” (over $70 billion) had passed through the island country of Malta’s borders, according to the report.

The article’s sources are unknown but the FATF meeting attendees stressed that one of the biggest issues with Malta was that it allegedly “facilitated a large volume of cryptocurrency” and did so “without enough oversight.”

Organizations and companies that have offices located in Malta include crypto firms like Okex, Coinvest, Decentralised Ventures, Yovo, Ledger Projects, Stasis, Bitmalta, and the Blockchain Malta Association. Crypto solutions and blockchain tech is so popular in Malta the country is dubbed the “Blockchain Island.”

At the end of April, however, as regulations swept the Maltese nation, 70% of the crypto companies in the sector had not yet sought licensing. Meanwhile, 26 crypto companies applied but none of the firms were approved. Crypto regulations in Malta began surfacing in the country in the summer of 2018.

The timesofmalta.com report said that unnamed crypto industry sources have insisted that Malta is now heavily regulated. Moreover, they denied the FATF’s crypto transaction estimates that allegedly stem from the island country. A report authored by Michael Morell, an ex-deputy director at the Central Intelligence Agency (CIA), explained that crypto exchanges have accessible data at their fingertips.

Unsure How FATF Obtained Malta’s Transaction Data

Furthermore, in 2019, the Malta Financial Services Authority (MFSA) appointed the blockchain surveillance firm Ciphertrace to help regulators combat non-compliance. Ciphertrace’s job is to monitor “transactions that pass through local crypto exchanges and digital wallets.”

The timesofmalta.com study does not disclose how the FATF got its transaction estimates that ostensibly show billions of dollars in crypto flowing through Malta. The people familiar with the matter of the FATF meeting also did not give details on exactly when the funds passed through Malta, as far as exact time frames are concerned.

“Speaking of the threat of money laundering, it has long been established that cryptocurrencies such as Bitcoin, which utilise a publicly-accessible ledger of transactions, are a highly effective crime fighting and intelligence gathering tool,” Morell’s report added.

Source: Regulators: $70 Billion in Crypto Passed Through Malta Island – Fintechs.fi

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Apple warns against drying iPhones with rice
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
×