Institutional

The Daily: Malta Sees No Issue With Unlicensed Crypto Firms, Valletta Mansion on Sale for Crypto

from Bitcoin Com 5 years ago 0 0 727

Malta is not worried about crypto companies operating while their applications for licenses are still pending as the loophole does not mean they are free from obligations under the current regulations, officials from the island nation commented. Also in The Daily, a €3 million palazzo in Valletta has been put up for sale and the owner takes only cryptocurrency, a project aims to turn a Great Barrier Reef island into a crypto micro-economy, and a hotel in Perth cuts third parties out of the booking process using cryptocurrency.

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Malta Taking Calculated Risk by Fast-Tracking Approvals for Crypto Firms

In July, the parliament in Valletta approved three bills designed to regulate the sector and enable the establishment of crypto companies in Malta. Many notable players in the industry, including Binance, Okex, ZB.com, and Bitbay, have either opened offices there or have serious plans for when they set foot on the island. Crypto and blockchain businesses have a full 12 months to apply for a license under the new Maltese regulations.

However, the CEO of the Malta Financial Services Authority (MFSA), Joseph Cuschieri, says the clauses that allow unlicensed companies to carry on their activities until they are fully regulated, will not give them free rein to exploit the legal vacuum, Malta Today reports. Cuschieri stressed that crypto firms setting up businesses in the country before securing a license are nevertheless obliged to abide by the local legal provisions.

In a separate statement, Malta’s Prime Minister acknowledged that his government hopes the booming blockchain industry will diversify his nation’s economy. “We’re taking a calculated risk… [by cutting] layers of bureaucracy and offering fast-track approvals for digital players to set up shop on the island,” Joseph Muscat admitted in an interview, according to a report by the Sydney Morning Herald.