Malta plans to more actively monitor cryptocurrency companies

Malta plans to more actively monitor cryptocurrency companies

The Malta Financial Regulator (MFSA) has published a strategic plan according to which the government body will be much more active in monitoring cryptocurrency companies than before.

According to the document, the MFSA will work closely with the financial intelligence analytical department and other national and international organizations in order to prevent cryptocurrency crime.

“Despite the fact that Malta has taken unprecedented steps to introduce blockchain and cryptocurrency technologies into the regulatory environment, we understand that such innovations pose problems to prevent money laundering and terrorist financing,” the regulator emphasized.

It is also noted that Malta will closely monitor and manage the risks associated with blockchain companies and cryptocurrency firms. This will help reduce risks for clients of such organizations.

“To monitor and manage the risks associated with digital asset companies, MFSA has invested and is already implementing SupTech surveillance tools. They will make it possible to detect fraud much faster, better fight money laundering and terrorist financing, and protect consumers and investors, ”the agency said.

Note that in the spring of this year, the Malta regulator warned about the risks associated with investing in cryptocurrencies. He also issued a guide on how to recognize fraudulent schemes in this new market.


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