Over the past year, the tiny state in the Mediterranean sea has cemented its status as one of the leaders in the field of cryptocurrency and blockchain technology, but, according to experts of the International monetary Fund (IMF), the development of the industry in Malta may present a significant threat to the country’s economy. This writes Coingeek.
Such a conclusion they did in its report, published after a visit to Malta. In particular, the document refers to the risks associated with money laundering and the financing of terrorism.
IMF experts believe that the growing number of financial companies, the rapid development of new products, legal environment and the tightening of the labor market seriously load Management of financial services Malta.
They also say that the financial regulator of the country were already under severe pressure due to the high level of crime.
In addition, the IMF noted that a threat to the financial stability of the country is vested in the development of the gaming industry, and the sale of citizenship by investment. Without proper vigilance and high standards to control the market of Malta “playing with fire”, concluded the IMF analysts.
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.
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