Connect with us


IMF Warns Malta on “Significant Risks” of Crypto Growth

Saad Ullah



The International Monetary Fund (IMF), has sent a warning to Malta, saying that the country was adopting blockchain and cryptocurrency too fast. According to the organization, this could lead to “significant risks” concerning terrorism financing and money laundering.

Maltese Financial Assessment

The statement comes after IMF made a financial assessment of the blockchain friendly country. The monetary organization said that Malta has seen a huge growth of blockchain related activity, especially in the cryptocurrency region. The current regulations, according to IMF, are not sufficient. It suggested that the authorities should first try to understand the risks involved in the crypto market and then act accordingly.

The assessment also said that the Maltese governing authority, the Financial Services Authority, was clearly in need of more and competent staffing. This is due to the regulator being stretched thin with an overload of new entrants in the Maltese market, offering a multitude of services and products.

Blockchain Island

Malta has declared itself a blockchain island due to its extremely friendly atmosphere for blockchain and related cryptocurrencies. The small European nation has seen an explosion of registrations by blockchain related companies. The recent policy development to support the industry is clear evident of the country’s intention to become the leading crypto industry in Europe. Yet, the development has also meant that the increasing active blockchain companies can lead to increased risks.

These risks can be mitigated and controlled with a clear system that handles the technology as it is. The report by IMF perhaps will be able to help the Maltese authorities in this. Other crypto friendly countries such as Estonia can also benefit from the evaluation, as it can follow the same pattern and build its regulatory framework that can not only accommodate cryptocurrencies, but also place rules that would protect the investors and users.

China's GDP Growth: Investing
Blockchain2 days ago

China Looking into Blockchain State Currency Renminbi

Blockchain3 days ago

Pakistani PM, Imran Khan, Chairs Meeting on Government Digitization, Wants Blockchain

Blockchain3 days ago

Blockchain Event BlockShow Launches Crypto Donations for Notre Dame Cathedral

Blockchain5 days ago

Samsung Partners with Indian IT Firm Mahindra for its NextLedger Blockchain

Blockchain5 days ago, a Blockchain Events Firm, Launches Initial Exchange Offering (IEO) on BitForex

Blockchain6 days ago

Porsche Launches Blockchain Proof of Concept “You Owe Me” for Parking Fee

Blockchain1 week ago

Goodbye YouTube: PewDiePie Shifts to Blockchain Video Platform DLive

Blockchain1 week ago

Telegram’s Blockchain, TON Undergoes Beta Testing

Blockchain1 week ago

Luxury Brand Louis Vuitton Seeks Authenticity Check through Blockchain, Microsoft to Help

Banking1 week ago

MUFG, Fifth Largest Bank Globally, Decides to use Stablecoin By End of 2019

Blockchain2 weeks ago

Consulting Firm Accenture Granted Two Blockchain Interoperability Patents

Cryptocurrency3 weeks ago

Bithumb Hacked Again. USD 19 Million in EOS and XRP Stolen

Banking3 weeks ago

Major Indian Bank Joins Ripple for Remittances

Blockchain3 weeks ago

New Weiss Crypto Analysis Gives Top Grade to XRP, EOS and BTC

Blockchain3 weeks ago

CEOs of MasterCard and Wells Fargo Say Blockchain Full Potential Yet to be Realized

Banking3 weeks ago

HSBC SVP Says CFTC Should Make “Some Positive Words” for Blockchain

Blockchain4 weeks ago

Chocolate Company Hershey Joins Blockchain Advertisement Platform AdLedger

Blockchain4 weeks ago

Samsung Subsidiary SDS President: Blockchain can “Improve Supply Chain Management”

Blockchain4 weeks ago

Shipping Giant UPS to Facilitate B2B Sales with Blockchain

Blockchain4 weeks ago

BMW And Intel Partner With Singapore Government for Blockchain Accelerator

Like us on Facebook

The Trending Posts

Pin It on Pinterest

Share This