Despite the fact that the government of Malta recently try really hard to make this country one of the leaders in the field of cryptocurrency and blockchain technologies, and opened the door to dozens of companies, many of them have problems in opening Bank accounts. About it writes the local edition of Times of Malta.
So, a number of service providers, law firms and financial companies, when contacted by the publication confirmed that the banks “politely” denied them in opening accounts, claiming the risks are too high.
The names of the companies, the publication does not, citing a desire to protect the privacy of customers, but noted that banks often do not differentiate between exclusively cryptocurrency and blockchain businesses, although their activities are not always connected.
The Secretary of the Parliament of Malta on digital innovation and Finance Silvio Schembri also confirmed that some banks are less willing to open accounts for crypto-currency companies, noting, however, that technology firms are in a better position.
“We need a clear distinction between the blockchain and the Cretan-companies”, — he said.
Silvio Schembri also added that he personally engaged in discussions with banks and other market participants, wanting to help them better understand the industry.
According to him, many banks do not want to work with cryptocurrency companies, if those no license of the Malta financial services (MFSA), and this, he said, “quite understandable.”
According to the publication, MFSA received 28 applications from cryptocurrency companies and intends to complete the consideration of the question of issuing licenses to “agents virtual financial assets” until the end of March.
Recall that in the year 2018 in Malta was made very liberal regulation of the market of digital assets, thereby establishing a favorable environment for industry development. In particular, the island has opened outlets in many major cryptocurrency companies, including exchange Binance.
The Prime Minister of Malta Joseph Muscat also said earlier that cryptocurrencies will inevitably receive widespread acceptance and become the future of money.
However, in January experts of the International monetary Fund (IMF) stated that the development of cryptocurrency industry may present a substantial threat to the economy of this Mediterranean country.