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What Steps Are The Maltese Authorities Taking To Ease Crypto Monitoring

Malta is a country that has constantly been in the news for being a hub of blockchain  related development and is quickly becoming a country with the most scope for cryptocurrencies. According to recently published reports, the financial watchdog of the country, the Malta Financial Services Authority has collaborated with CipherTrace in order to maintain tabs and keep a lookout on the crypto related activities that go on within the country.
Amidst widespread usage of crypto, it is no surprise that the country wants to tighten the ship when it comes to transactions and related operations. It was only last month that they announced new regulations for crypto exchanges to abide by.
MFSA will be taking help from CipherTrace in order to assist in the checking of digital assets. This effort is being made by the authorities to prevent illegal and unpleasant activities like money laundering, terrorist funding, indulging in vices on the dark web, or any other such untoward activities, that can be carried out with cryptocurrencies . Quite naturally, with the number of cryptocurrency agents, as well as new ones applying for licenses to operate in Malta growing at a rapid rate, keeping tabs becomes more difficult. This has resulted in bringing in a third party to the equations.
Joseph Cuschieri, the CEO of the Malta Financial Services Authority explained,
“Ciphertrace Compliance Monitoring will provide the MFSA with powerful oversight tools to automate regulatory processes and audit the risk management of virtual asset businesses licensed in Malta.”
The general consensus is that the selection of CipherTrace was a wise decision as the New York-based company specializes in gauging and confronting business risks, in regard to investment, blockchain, cryptocurrencies and initial coin offerings . The company was launched in 2015 and have so far shown good form in providing just that. It might even be said that with this collaboration, Malta’s plans to expand into the crypto world has just been eased a great deal. shares this Contents with License.

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