Malta Issues Warning Against SolutionsCM (Originalcrypto) and Other Unapproved Blockchain Firms

Malta is often referred to as the “Blockchain Island”, courtesy of its friendly policies and frameworks. While it welcomes all sorts of blockchain, crypto and digital asset companies, it lays a lot of emphasis on their compliance with laid down regulations and laws.

The island is currently home to a number of cryptocurrency exchanges and blockchain companies. But it’s also actively working to get rid of rogue operations that have made the island their base.

So, all non-compliant companies, schemes and operations are being identified, penalized and/or kicked out of the country.

The Malta Financial Services Authority (MFSA), an agency in charge of monitoring financial markets and by extension, all blockchain related entities, recently issued a warning against illegal broker, SolutionsCM Ltd, owners of the OriginalCrypto.com website.

This company which serves as a crypto broker, has a reputation for actively soliciting for clients under the guise of being an approved entity operating within the shores of the country.

It is possible that the Malta Financial Services Authority (MFSA), had to issue this warning because they aren’t an approved entity, and have been soliciting clients under false guise.

A perusal of the OriginalCrypto website itself shows no evidence of being registered with the Malta Financial Services Authority (MFSA). It is important to note that this same company had been previously blacklisted by Italy’s financial regulator, CONSOB.

This new development saw both MFSA and CONSOB issuing a joint statement against all illegal brokerages and financial institutions, and warning the general public about the risk of doing business with them.

All individuals and entities looking to do business with them are advised to steer clear and seek out other regulated and officially recognized brokerages.

Investors and traders can find information about the approved companies on the MFSA and CONSOB websites. All listed companies and services are considered legitimate operators in the country.

Malta’s welcoming of all legitimate blockchain and crypto companies has resulted in it being nicknamed “Blockchain Island”.

This, and its willingness to create and adopt favorable blockchain regulations has placed it at the forefront of this new and developing technology. Currently, the country is home to the offices of Bittrex, OKEx and Binance, three of the world’s biggest crypto exchanges.

Early in 2018, the Maltese Parliament created a more enabling environment for blockchain by passing a law that established the framework and regulations, within which all blockchain companies will operate.

These friendly laws and regulations made it the most favorable country to do business in as a blockchain entity, while discouraging scam enterprises from residing in and doing business in the country.

Also, in a bid to match regulatory organizations across the world, the Malta Financial Services Authority (MFSA) recently increased capital requirements on CFDs and FX for all approved companies as well as tightened the requirements for margin trading. Hence, effectively bringing the company up to speed and raising its regulatory standard.

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