'Blockchain Island' Strategy Drives $70 Billion Through Malta: Report

Experts assessing Malta's anti-money laundering regime estimate that around $70 billion in cryptocurrencies passed through the country when it first introduced its crypto-friendly strategies and dubbed itself "Blockchain Island." The claim was published by The Times of Malta on Monday. The news site said that while reviewing Malta's anti-money laundering regime, "large volume transactions during the country's first attempt at crypto activity have been flagged as "problematic" by global experts. The names of the experts were not disclosed. The news comes at a time when evaluators of the Financial Action Task Force (FATF) are considering putting Malta on the "grey list" for not doing enough to prevent financial crime. Although the Blockchain Island Mediterranean country has since tightened its regulations, crypto startups flocked there in 2017 and 2018, when he announced that he was working on a groundbreaking cryptocurrency strategy. Major exchanges like Binance have made Malta their home to take advantage of a generous "transition period" of up to one year, during which they are allowed to operate unlicensed. According to sources from The Man Building Blockchain Islands The Times, "Malta's swift approach to attracting digital currency platforms to the island before the necessary laws are enacted was one of the red flags facing the country." A top regulator reportedly complained that Malta's early strategy had led to an "explosion of high-risk transactions by cryptocurrency exchanges in a license-free environment". Maltese authorities are reportedly insisting that the industry is now tightly regulated, while defending their position, claiming that $70 billion represents just two percent of global annual transactions. According to the VFA Agents Business Unit, which assists Malta's crypto startups on the island, a transition period is common before new legislation is introduced. Also, the body held by Mal,

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