[2019-06-05]EU: Malta Needs to Improve Readiness to Respond to Cryptocurrency Cr

[Vladdirescu87]

The European Union has told Malta it needs to improve the resources it has to fight potential financial crime as a result of cryptocurrency popularity, local daily news outlet Malta Today reported on June 5.

In a letter to member states advising how to spend EU funds, the European Commission flagged Malta’s burgeoning cryptocurrency sector as a potential weak link in the fight against financial crime.

“The Commission, in its recommendations to member states for the use of EU funds, said that the size of Malta’s financial and gaming sector, and the efforts to attract crypto-currency operators required an effective anti-money laundering enforcement,” Malta Today summarized.

https://cointelegraph.com/news/eu-malta-needs-to-improve-readiness-to-respond-to-cryptocurrency-crime

[CryptoBry]

Malta even as a small nation is now a big partner in the world of cryptocurrency. Of course, nobody should forget that Binance is now based in Malta and I am sure this state nation can continue on to attract more fintech players from around the world. I agree that it has to fortify and be advanced in its capacity to fight crypto-related cyber-crimes since it has the ambition to be known as the cryptocurrency capital of the world. This is not an easy task given today's ingenuity of cyber attacks due to the huge incentives waiting for hackers and scammers.

[figmentofmyass]

The European Union has told Malta it needs to improve the resources it has to fight potential financial crime as a result of cryptocurrency popularity, local daily news outlet Malta Today reported on June 5.

In a letter to member states advising how to spend EU funds, the European Commission flagged Malta’s burgeoning cryptocurrency sector as a potential weak link in the fight against financial crime.

the EU is really on a roll, aren't they? we're seeing ugly changes left and right because of their AML directive and renewed pressure on crypto companies. i'm assuming this pressure is why localbitcoins just removed the option to list p2p cash trades.

now they're probably gonna pressure malta to pass more restrictive crypto regulations. after watching binance, okex and others set up there as a sanctuary from their former regulators, i figured that might happen.