EU Requests Malta to Increase AML Levels to Match The Growth of The Cryptocurrency Market


  • Malta should improve its AML policies
  • The European Commission is closely following the situation in the country

Malta, one of the most friendly jurisdictions for Bitcoin (BTC), cryptocurrencies and blockchain technology, is currently being questioned by the European Union (EU) for its friendly KYC and AML policies it has. The EU requested the country to increase the levels of anti-money laundering (AML) policing.

Malta Must Improve Its AML Policies

The European Union is putting pressure on Malta for it to improve its AML policies that apply to the financial and crypto markets. According to a recent report released by Malta Today, the European Commission said that the island needs to have an effective AML regime in order to boost its crypto sector and financial industries.

Although Malta has been using more funds for the Financial Intelligence Analysis Unit, the European Commission considers that there are some challenges that Malta is not currently addressing.

The Commission said about it:

“Governance shortcomings, particularly in the fight against corruption, may also adversely affect the business environment and weigh negatively on investment. In particular, there is a risk of conflict of interest at various levels of government.”

Moreover, the European Commission considers that the Malta Police Force’s Economic Crimes Unit is currently not adequately staffed. This is why they recommend strengthening the legislative framework with thorough implementation.

The country has been working during the last years in order to create a friendly jurisdiction for companies related to virtual currencies and blockchain technology to locate their operations. The cryptocurrency exchange Binance has decided to move its operations to the island. Another firm that opened offices on the island is OKCoin, another recognized crypto exchange.

Just last month, the Malta Financial Services Authority (MFSA), said that it was going to integrate CipherTrace’s Compliance Monitoring Product so as to protects participants in the crypto market. The firm works by looking out suspicious addresses and wallets.

Switzerland is another country that is taking positive and friendly regulations for virtual currencies and blockchain technology. However, the alpine country is not under the oversight of the European Union.

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