ECB Urges Crypto Friendly Malta To Monitor Its Banks Strictly

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The Europen Central bank’s top supervisor has urged Crypto Friendly Malta to monitor its banks strictly amid growth in cryptocurrency businesses. Earlier, Malta failed an international anti-money laundering evaluation. Malta is known to provide friendly regulations to crypto and blockchain businesses.

Andrea Enria, chair of the supervisory board at the European Central Bank (ECB), has asked authorities in Malta to monitor banks in the region strictly. Malta is known for having friendly regulations to attract business from all around the world.

In an interview with Reuters, Enria said that non-financial risks like conduct, compliance, reputational and IT risk need to be managed more stringently and coherently, especially in the light of Malta’s leading role in blockchain and crypto technology.

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Many leading businesses shifted to Malta because of friendly regulations, including the world’s largest crypto exchange by volume Binance. Malta has faced criticisms from international authorities for nourishing blockchain businesses. Recently Malta failed a global Anti-Money-Laundering evaluation.

Earlier in June, the European Commission asked Malta authorities to set up its anti-money laundering guidelines in accordance with international laws. In September, the Malta Financial Services Authority released its three-year strategic plan for 2019-2021in which, it emphasized on monitoring cryptocurrency businesses to prevent money laundering.

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