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EU stresses on reforming of AML policies in Malta

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EU stresses on reforming of AML policies in Malta
Source: Pixabay

With the recent advancements in the crypto ecosystem, many countries have started to reform their laws concerning the crypto related frauds. As the crypto market is on the bull run, many prospective users had entered the crypto ecosystem, making it necessary for the governing bodies to tighten their grip over the crypto markets. 

The recent addition to the list is Malta. The nation is required to build proper trade dimensions with regards to the Anti-Money Laundering [AML] policing in order to coordinate with the development in monetary administrations, as indicated by the EU. 

The European Commission shared that the island nation’s legal body will be helping the boosting of digital money trade. In order to do so, the first step taken by the legal body must be focused on the building of AML laws. 

In an official statement, the commission said,

“Governance shortcomings, particularly in the fight against corruption, may also adversely affect the business environment and weigh negatively on investment. In particular, there is a risk of conflict of interest at various levels of government.”  

The official statement stated,

“In this context, it is important to couple a strengthened legislative framework with timely and thorough implementation.”

With a friendly environment for the blockchain and the cryptocurrencies, major crypto exchanges had started their offices in the country. In order to boost the overall growth, Malta’s legal body had constantly taken steps to encourage more crypto adoption. 

In addition to friendly laws, the Malta Financial Services Authority [MFSA] declared to coordinate with the CipherTrace’s Compliance Monitoring product to ensure the safety of users as well as traders.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.