EU recommends Malta to mobilize more resources to fight cryptocrime

How is Malta changing? 🇲🇹 (Does it mean you should set up there?)

The European Commission believes that due to the rapid development of the crypto industry in Malta, it needs to improve its mechanisms for combating crimes related to virtual assets.

In a letter to member states, the European Commission has identified the island nation as a potential weak link in the fight against financial crime. The text of the document says that the growth of financial and gambling sectors, as well as active efforts to attract cryptocurrency operators, require more effective legal mechanisms to counteraction money laundering.

EU recommends Malta to mobilize more resources to fight cryptocrime

The government is advised to reconsider its attitude to corruption and tax obligations, by adjusting the legal framework, as well as better staffing units for combating economic crimes.

After Malta announced plans creation «Blockchain islands», leading companies such as Binance and Bittrex, opened local branches. In parallel, the government publishes information on the potential risks associated with investing in cryptocurrencies.

EU recommends Malta to mobilize more resources to fight cryptocrime

Recall that earlier MEP Roberta Metsola said decentralization based on distributed ledger technology provides high security and improves trust.

text: Ivan Malichenko, photo: steemitimage

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