{"id":279376,"date":"2021-06-20T20:16:36","date_gmt":"2021-06-20T17:16:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/71b-in-crypto-has-reportedly-passed-through-blockchain-island-malta-since-2017\/"},"modified":"2021-06-20T20:16:36","modified_gmt":"2021-06-20T17:16:36","slug":"71b-in-crypto-has-reportedly-passed-through-blockchain-island-malta-since-2017","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/71b-in-crypto-has-reportedly-passed-through-blockchain-island-malta-since-2017\/","title":{"rendered":"# $71B in crypto has reportedly passed through \u2018blockchain island\u2019 Malta since 2017"},"content":{"rendered":"

“# $71B in crypto has reportedly passed through \u2018blockchain island\u2019 Malta since 2017 <\/strong>”
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Malta\u2019s strategy to become a global enclave for digital assets app<\/a>ears to be working, though lax regulatory oversight has raised concerns over money laundering and other financial crime.\u00a0<\/p>\n

Roughly $71 billion, or 60 billion euros, worth of cryptocurrencies have passed through Malta since the tiny Mediterranean state first adopted its \u201cblockchain island\u201d strategy in 2017, the Times of Malta reported<\/a> Sunday. Although Malta has upgraded its crypto-focused regulations in recent years, financial watchdogs are concerned about whether the nation\u2019s anti-money laundering regime has been robust enough. <\/p>\n

The Financial Action Task Force, or FATF, met in Paris last week to discuss whether Malta should be put on a list of countries that have fallen short of their obligations to stop financial crime. Specifically, the financial watchdog is concerned about Malta\u2019s initial push to embrace cryptocurrencies in 2017 and 2018 when the sector was far less regulated. FATF officials also expressed concerns over the country\u2019s law enforcement regime. <\/p>\n

Several blockchain companies established operations in Malta in 2018, including<\/a> cryptocurrency exchange Binance, in anticipation of more favorable laws. Companies that set up shop in the country were allowed to operate without a license for up to one year. An industry source told the Times of Malta that the one-year grace period contributed to “an explosion of high-risk transactions carried out by cryptocurrency exchanges in an unlicensed environment.”<\/p>\n

Related: <\/em><\/strong>Binance is not authorized to operate in Malta, financial regulator says<\/em><\/strong><\/p>\n

Nevertheless, Malta is still considered a favorable destination for crypto-asset firms. As Cointelegraph reported, Crypto.com recently acquired Malta\u2019s Class 3 Virtual Financial Asset License, paving the way for broader recognition of cryptocurrencies across the European Union. <\/p>\n

In June 2020, Malta broadened its blockchain ambitions, pivoting to digital assets more holistically as a way to drive adoption and business growth. \u201cWe\u2019re moving away from blockchain island, and more towards a digital island because we believe more in this holistic vision that includes all aspects and technological components,\u201d Kearon Bruno, chairman of Digital Economy Think Tank tasked with growing Malta\u2019s economic portfolio, told Cointelegraph at the time. <\/p>\n