“The Blockchain Island” – Malta, is taking further steps to keep its title as one of the industry’s most trafficked hub, as the financial regulators announced to invest major amount of money to protect the uprising blockchain industry.
The authorities of the Mediterranean island explained the investment to keep the level of inherent risks and frauds as minimal as possible among the digital currencies.
The director of the securities and markets supervision unit in the Malta Financial Services Authority (MFSA), Christopher Buttigieg pointed out, that the circumstances with large movements of money naturally contains major risks. In order to decrease these risks of potential criminal actions and frauds, terrorists and money laundering the established budget to protect the cryptocurrency industry is much needed.
As the MFSA is showing a green light to the crypto-friendly environment in Malta, and already seeing the positive influences and the increased amount of blockchain related activities, the institution is convinced of the existing outcome of the industry. After the La Valette Property Funds scenario, the MFSA got under the negative spotlights receiving accusations of failing to protect the victims of the scandal, this time, the authority appears to prevent any loopholes from happening.
Recently, the government of Malta approved three different legislations in relation to blockchain and cryptocurrencies. The crypto-friendly regulations have already attracted many blockchain companies and startups to move their headquarters to the european island, and will keep on attracting more and more as the crypto minded atmosphere keeps on spreading wider.
Author: Sarah Tuuli