The International Monetary Fund (IMF) is concerned with the possibility of Malta’s financial system being used for money laundering and financing of terrorism with the significant risks imposed by the growth of local crypto-friendly industry — according to the insights shared by an IMF mission that visited the "Blockchain Island."
Malta is, indeed, one of the leading crypto-friendly jurisdictions around the world — with many crypto-related companies, such as Binance or Okex, establishing a presence in the island.
However, as shared by IMF, the blockchain industry (together with the financial and gaming sectors, major sources of income for the nation) pose threats to anti-money laundering (AML) initiatives. Therefore, IMF urged Malta’s authorities to guarantee that companies offering crypto-services comply with AML conditions.
Nonetheless, despite the shared worries, the mission acknowledged that Malta faces favorable growth prospects.
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