Experts doubted the effectiveness of measures to combat money laundering, despite the tightening of the regulatory framework in 2018 to regulate the industry.
According to the organization’s estimates, the volume of bitcoin transactions through Malta since 2017, when the country’s authorities announced the national development strategy of blockchain, exceeded € 60 billion ($ 71 billion).
The alarm of FATF caused the current “wild West” in regulation from 2017 to 2018 and an insufficient law enforcement regime.
Experts raised the question of whether Malta should include in the list of countries that do not make sufficient efforts to suppress major financial crimes.
The country’s authorities noted that Malta accounts for only 2% of the total volume of bitcoin transactions in the world and at present the sector has received reliable regulation.
In 2018, several blockchain companies, including Binance, started working in the country due to a delay in obtaining a license for one year. According to the sources of the publication, such a grace period led to the “surge of high -risk transactions.”
Recall that in November 2020, the Malta regulator previously licensed the cryptocurrency payment platform Crypto.com.
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