Malta must strengthen fight against crypto crimes

The European Commission, in a letter sent to member states that report on how to spend European Union funds, expressed astonishment at the growing rise of cryptocurrencies in Malta and said that they could become a possible weak link in the fight against financial crimes.

“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 efforts to attract cryptocurrency operators require effective enforcement against money laundering.”

That is, the possible conflicts and inconveniences of interest in the government must be addressed with respect to corruption, while tax obligations must also be re-evaluated in order to take actions in this regard.

Malta continues on its way to create a haven for digital coin and blockchain companies. The Binance exchange has made the country their home under the publicized plans of the “Blockchain Island” government. However, security measures to combat cryptographic crimes are questioned.

The authorities, on their side, are becoming familiar with the control of the sector; generating both research structures and releasing information for consumers as the risks associated with the investment of cryptoactives.

L.Sáenz

Source: Cointelegraph