Malta’s strategy to become a global enclave for digital assets appears to be working, though lax regulatory oversight has raised concerns over money laundering and other financial crime.
Roughly $71 billion, or 60 billion euros, worth of cryptocurrencies have passed through Malta since the tiny Mediterranean state first adopted its “blockchain island” strategy in 2017, the Times of Malta reported Sunday. Although Malta has upgraded its crypto-focused regulations in recent years, financial watchdogs are concerned about whether the nation’s anti-money laundering regime has been robust enough.
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