Andrea Enria, chair of the supervisory board at the European Central Bank (ECB), has asked authorities in Malta to monitor banks in the region strictly. Malta is known for having crypto-friendly regulations to attract business from all around the world.
In an interview with Reuters, Enria said that non-financial risks like conduct, compliance, reputational and IT risk need to be managed more stringently and coherently, especially in the light of Malta’s leading role in blockchain and crypto technology.
Many leading businesses shifted to Malta because of friendly regulations, including the world’s largest crypto exchange by volume Binance. Malta has faced criticisms from international authorities for nourishing blockchain and crypto businesses. Recently Malta failed a global Anti-Money-Laundering evaluation.
Earlier in June, the European Commission asked Malta authorities to set up its anti-money laundering guidelines in accordance with international laws. In September, the Malta Financial Services Authority released its three-year strategic plan for 2019-2021in which, it emphasized on monitoring crypto businesses to prevent money laundering.
Let us know in comments, what do you think about Malta’s crypto-friendly regulations?