MFSA: Strategic Plan 2019-2020 supposes active crypto monitoring

Posted 09 September, 2019

The Maltese financial regulator has announced its active position towards monitoring licensed cryptocurrency-related companies as a part of the measures against money laundering, fraud and other illegal activities.

 According to the Strategic Plan 2019-2020 released by Malta Financial Services Authority last Friday, the authority is going to revise its regulatory approach to become able to take measures in advance in the future.

As the regulator stated in the document, MFSA will maintain close cooperation with financial monitoring bodies and other international authorities.

The representative of MFSA explained that the measures that will put blockchain and cryptos in the regulatory framework are aimed at fighting with money laundering and terrorism financing activities which are usually performed via cryptocurrencies.

 The authority wants to detect and cut out violations made by the regulated crypto companies striving to reduce a possible negative impact on the financial market from this segment. 

MFSA has already created monitoring solution SupTech that will help to detect fraud activities, money laundering and other illegal operations.

 For reference, Malta offered quite favourable crypto regulations that attracted numerous companies to this jurisdiction. At the same time, the International Monetary Fund made offensive statements this February saying that MFSA had many gaps in regulation policy.

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