Bittrex Exchange Left Malta Due to Tighter Regulation of Cryptocurrencies

The Bittrex cryptocurrency exchange has left Malta due to the tightened Maltese government rules regarding anti-money laundering.

Last week, it became known that Bittrex is closing an office in Malta and opening a new headquarters in Liechtenstein. This may be due to the fact that the Maltese Financial Regulator (MFSA) announced the update of the rules for regulating cryptocurrencies. In order to prevent money laundering, the financial regulator will more closely monitor the activities of exchanges and any other cryptocurrency companies.

According to the MFSA, changes in regulatory policies will come into effect by 2021. According to the strategic plan published by the MFSA, the steps taken by the Maltese government to introduce cryptocurrencies and blockchain into the country’s legal framework can create difficulties in the fight against money laundering and the financing of terrorism. Therefore, the MFSA will revise its regulatory approach and make the necessary changes to it, given that the cryptocurrency industry is constantly changing.

Previously, Malta was included in a number of countries characterized by the greatest loyalty to cryptocurrencies, which is why it became known as the “blockchain island”. In September, the University of Malta launched a master’s program in blockchain and distributed registry technologies, and in June the Prime Minister of Malta approved the registration of lease agreements on the blockchain.