In order to prevent money laundering, Crypto companies in Malta will be actively monitored by the country’s Financial Services Authority (MFSA). The regulator published a three-year strategic plan for 2019-2021 last week. Maltese Financial Regulator keeping tabs on cryptocurrency firms.

The report highlighted the main intent:





To monitor and manage business risks related to licensed virtual assets and cryptocurrency businesses, the MFSA has invested and is in the process of implementing SupTech intelligence tools.”

Additionally, the regulator said the tools will help them better identify fraud and avoid money laundering to safeguard investors.

We will continue to work closely with the FIAU [Financial Intelligence Analysis Unit] and other national and international authorities, including the newly set-up Malta Digital Innovation Authority (MDIA),” the MFSA said.

Maltese Financial Regulator keeping tabs on cryptocurrency firms. MFSA is no doubt prioritizing cryptocurrency for the next three years, as over the previous couple of years Malta has become a blockchain and cryptocurrency-friendly jurisdiction. Malta is a centre for a lot of crypto companies, including the world’s biggest crypto exchange, Binance.

The International Monetary Fund (IMF) said earlier this year that the MFSA had crucial gaps in its anti-money laundering (AML). Also, in counter-terrorism finance (CFT) strategies. 

The regulator also recommended that urgent action will be taken to amend its policies. Also, saying that the defects need a multi-pronged strategy.




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