EU Warns Malta of the Dangers of Ignoring Money Laundering - page 3.

lohncontrol

copper member

Activity: 79

Merit: 0

Quote from: avikz on June 11, 2019, 10:58:10 PM

Quote from: alexcopper on June 11, 2019, 03:35:53 PM

https://bitcoinmagazine.com/articles/eu-warns-malta-of-the-dangers-of-neglecting-money-laundering

Malta aka Blockchain Island has become the mecca crypto due to its favorable crypto laws. With the flood of crypto money to the island it's been taking the right steps to work on compliance such as partnering with crypto security firm CipherTrace to identify and prevent crypto crime.

Steps like this seems to help make the government quite happy in how to handle crypto and manage risk in countries. Would you agree? What else do we need to implement or be sure to watch out for?

Money laundering is a serious crime and every country should take steps to remain in compliance as per the global standard! I am happy to see Malta is taking right steps to take their economy to another notch higher!

Since small island countries like Malta can't have big production industries due to lack of land, crypto or ITes can be their best bet to provide jobs to the mass. Associated risks will always be there for anything new, but what matters the most is the willingness of the government to manage the risk and grow against all odds. Malta is setting up an example!

It's a paradox but much regulatory in crypto will drive away investors.

lohncontrol

copper member

Activity: 79

Merit: 0

Quote from: gentlemand on June 11, 2019, 05:04:26 PM

Quote from: timerland on June 11, 2019, 04:19:13 PM

I'm not sure as to how Malta would respond - they are probably raking in a lot of revenue since crypto businesses prefer them as a destination as opposed to countries with stricter KYC/AML requirements in the European Union.

Malta is a minnow. The more they attempt the buck the existing order of things the harder other countries will come down on them. No one operates in a vacuum. All the EU would need to do is turn off the banking and funding taps and Malta will be brought to heel in a matter of hours.

Malta would be monumentally stupid to ignore this, and this is why places like Binance flocking there may wind up getting screwed. I'd be less inclined to trust a company that moved to Malta than one that stayed put.

Always Malta was the controversial country.

Harlot

hero member

Activity: 1806

Merit: 672

Wish they could say the same thing for Swiss and Cayman Islands bank accounts which have been used by big time criminals as part of their money laundering process. If they want money laundering to stop they should also step up their game for this banks in order for this criminal activity to stop. Just by putting their attention all in crypto first won't solve the problem, I just don't think that its efficient for them to focus on a small industry like ours at first.

rmilly

jr. member

Activity: 312

Merit: 1

Interesting topic regarding regulations and different countries. I always wondered why so many businesses were setting up in malta and cayman islands. I think for compliance purposes malta did the right step with ciphertrace and may even be the prime example for other countries accepting crypto imo

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: Jating on June 12, 2019, 12:25:05 AM

So it will be interesting what Binance will do in such cases, where are they going to run, or are they simply gonna allow what the regulators will say and them not giving a fight?

they move their headquarters once a year already. for all we know, malta wasn't even a long term plan. it was probably just a temporary holdover so they could exit japan as quickly as possible after japanese regulators warned them about unlicensed exchange operation. bitfinex settled on BVI after hong kong; seems like a pretty good choice.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

Perhaps the reason why EU is pressing Malta so hard on setting up regulations is because most crypto businesses are taking refuge on the said island and do their business in there instead of the big guys in the Union. The question is up until when would they be able to be so 'crypto-friendly'? For sure, there will come a time that the little island would be a hotspot for money laundering and other stuff if left unchecked, and that's why the EU is stepping in. Of course, due to favorable crypto conditions, Malta becomes the 'Swiss bank account' of legitimate and illegitimate crypto users alike, and that's no good in the long run.

Jating

hero member

Activity: 2842

Merit: 772

Quote from: squatter on June 11, 2019, 05:26:23 PM

Quote from: gentlemand on June 11, 2019, 05:04:26 PM

Malta would be monumentally stupid to ignore this, and this is why places like Binance flocking there may wind up getting screwed. I'd be less inclined to trust a company that moved to Malta than one that stayed put.

Sounds like Binance may soon be on the run again. Hong Kong, Japan, Malta... where to next? The British Virgin Islands?

Or maybe Binance will finally be brought to heel like Shapeshift was? Bitfinex and some others are still managing to offer trading without KYC if you don't transfer fiat money, but the pressure on exchanges from regulators really feels tangible now.

And it's going to be difficult to get away from it. Sure, Binance has what a year or two but sooner or later those regulators will be clamping down on everything that is crypto related and Binance or Malta will not be an exceptions. The pressures will be too much that it's they have to give what the policy makers in EU wanted.

So it will be interesting what Binance will do in such cases, where are they going to run, or are they simply gonna allow what the regulators will say and them not giving a fight?

joniboini

legendary

Activity: 2170

Merit: 1789

Quote from: avikz on June 11, 2019, 10:58:10 PM

Malta is setting up an example!

They just accept and 'legalize' anyone who wants to start their business because they want to get money. Sure, crypto and tech-friendly because that's their opportunity.

Whatever the case it might be, I think it's impossible for them to not do any KYC for any crypto business in the near future. The risk of money laundering is too big. Unless we somehow can make every crypto user smart enough and care enough not to scam each other.

Even if they apply KYC, some malicious users would still fake their KYC if it's possible, and when that time comes, I think dex volume will increase. So either you risk your identity or deal with something on your own without any backing from the government.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: alexcopper on June 11, 2019, 03:35:53 PM

https://bitcoinmagazine.com/articles/eu-warns-malta-of-the-dangers-of-neglecting-money-laundering

Malta aka Blockchain Island has become the mecca crypto due to its favorable crypto laws. With the flood of crypto money to the island it's been taking the right steps to work on compliance such as partnering with crypto security firm CipherTrace to identify and prevent crypto crime.

Steps like this seems to help make the government quite happy in how to handle crypto and manage risk in countries. Would you agree? What else do we need to implement or be sure to watch out for?

Money laundering is a serious crime and every country should take steps to remain in compliance as per the global standard! I am happy to see Malta is taking right steps to take their economy to another notch higher!

Since small island countries like Malta can't have big production industries due to lack of land, crypto or ITes can be their best bet to provide jobs to the mass. Associated risks will always be there for anything new, but what matters the most is the willingness of the government to manage the risk and grow against all odds. Malta is setting up an example!

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: squatter on June 11, 2019, 05:26:23 PM

Or maybe Binance will finally be brought to heel like Shapeshift was? Bitfinex and some others are still managing to offer trading without KYC if you don't transfer fiat money, but the pressure on exchanges from regulators really feels tangible now.

Only a matter of time. If they think they're somehow 'bigger' than the overwhelming weight of twitchiness when it comes to money then they're dreaming and very stupid.

It may not be cool but it's the way of the world it's not going to magically go away. They'd be better off coming in from the cold rather than drawing it out. And their non dex won't cut it either.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: gentlemand on June 11, 2019, 05:04:26 PM

Malta would be monumentally stupid to ignore this, and this is why places like Binance flocking there may wind up getting screwed. I'd be less inclined to trust a company that moved to Malta than one that stayed put.

Sounds like Binance may soon be on the run again. Hong Kong, Japan, Malta... where to next? The British Virgin Islands?

Or maybe Binance will finally be brought to heel like Shapeshift was? Bitfinex and some others are still managing to offer trading without KYC if you don't transfer fiat money, but the pressure on exchanges from regulators really feels tangible now.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: timerland on June 11, 2019, 04:19:13 PM

I'm not sure as to how Malta would respond - they are probably raking in a lot of revenue since crypto businesses prefer them as a destination as opposed to countries with stricter KYC/AML requirements in the European Union.

Malta is a minnow. The more they attempt the buck the existing order of things the harder other countries will come down on them. No one operates in a vacuum. All the EU would need to do is turn off the banking and funding taps and Malta will be brought to heel in a matter of hours.

Malta would be monumentally stupid to ignore this, and this is why places like Binance flocking there may wind up getting screwed. I'd be less inclined to trust a company that moved to Malta than one that stayed put.

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: alexcopper on June 11, 2019, 03:35:53 PM

Steps like this seems to help make the government quite happy in how to handle crypto and manage risk in countries. Would you agree? What else do we need to implement or be sure to watch out for?

Just a casual thing for a certain country to follow on.If you do fully accept or integrate crypto into your vicinity then its no brainer that
the current organization wont really go overboard and should comply when it comes to safety and risk management.Money laundering or frauds
is one of the possible things that can happen on crypto tx but come to think that even fiat do have it.

timerland

hero member

Activity: 1526

Merit: 596

Quote

Steps like this seems to help make the government quite happy in how to handle crypto and manage risk in countries. Would you agree? What else do we need to implement or be sure to watch out for?

I'm not sure as to how Malta would respond - they are probably raking in a lot of revenue since crypto businesses prefer them as a destination as opposed to countries with stricter KYC/AML requirements in the European Union.

There is no incentive for them to tighten their rules too much, although they obviously need to prevent the clear cut cases.

This warning could have for sure been sparked because Malta is seen to take away business from the rest of the countries in EU, when it comes to regulated/licensed bitcoin businesses, while the warning about AML may only be what's happening on the surface.

akeegan

jr. member

Activity: 236

Merit: 4

I think having the team at ciphertrace is a good start for AML. Just wondering what more the EU thinks needs to be done and what their expectations are looking like for overall compliance. The balance between not to much invovlement and just enough

alexcopper

member

Activity: 280

Merit: 12

https://bitcoinmagazine.com/articles/eu-warns-malta-of-the-dangers-of-neglecting-money-laundering

Malta aka Blockchain Island has become the mecca crypto due to its favorable crypto laws. With the flood of crypto money to the island it's been taking the right steps to work on compliance such as partnering with crypto security firm CipherTrace to identify and prevent crypto crime.

Steps like this seems to help make the government quite happy in how to handle crypto and manage risk in countries. Would you agree? What else do we need to implement or be sure to watch out for?

Topic: EU Warns Malta of the Dangers of Ignoring Money Laundering - page 3. (Read 747 times)