Category Archives: Malta

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Malta Warns Traders About Global “Bitcoin Revolution” Scam

Malta Warns Traders About Global

The Malta Financial Services Authority (MFSA) warned of a global scam called “Bitcoin Revolution” which is currently being advertised on social media platforms.

The scheme had been in circulation since 10 January and used images of local celebrities maintaining that they have become wealthy through prescribed crypto investments found on the-bitcoinrevolution.org site and others.

The MFSA has confirmed that Bitcoin Revolution has no registration or license in Malta and as such has no legal right to offer financial services. The scam is thought to be of the get-rich-quick type, promising wealth within minutes. Local personalities had reported the scheme to the authorities as their images had been used for promotion without permission. A local TV star David Tucci was claimed to have turned a 250 euro deposit into 430 euros in eight minutes using the scheme. He later confirmed that this was simply a generated media hype:

“Please note I have nothing whatsoever to do with this, I have never engaged in such tradings, never did I authorize or approve of such material being published or advertised. This is clearly a scam and click-bait, please don’t buy into this.”

Articles and ads on Facebook had been published to the effect that Tucci had used Bitcoin Revolution to amass a fortune of 2.3 million euros after becoming bankrupt.

The scam may well be new to Malta but it has clearly been doing the rounds for some time, previously known in other guises, more recently as the ‘Online Profit Generator,’ a system created by Anders Thomsen capable of earning its users as much as USD 2765.25 per day through automated online trades.

Recently, TV Chef Jamie Oliver fell foul of the scam when Bitcoin Revolution marketing material said that he was closing down his Barbecoa and Fifteen Restaurant in order to “take over the Bitcoin market,” adding that he had hooked up with Billionaire Virgin entrepreneur Richard Branson to “change the definition of money.”

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IMF Cautions Malta on “Significant” Terrorism, Laundering Risks Due to Blockchain Growth

IMF Inspection Reveals Malta Needs More Regulatory Oversight for Blockchain

The government of Malta has received cautionary notes from the International Monetary Fund (IMF) regarding its rate of blockchain and cryptocurrency adoption, warning that unchecked proliferation carries “significant risks” for money laundering and terrorism. during a recent financial assessment carried out on the island.

According to English daily The Times of Malta, IMF made this statement after a recent financial assessment carried out on the island. Reporting on the situational analysis put forward by the IMF, it said that the growth of blockchain in Malta has created significant risks of financial systems directed towards the likelihood of increased money laundering and financing terrorist activities.

Malta has in recent times been recognized as one of the leading countries in Europe and the world that has favorable policies towards the development of blockchain enterprises. The rate of development has set Malta on the map as one of the go-to places for anything blockchain and crypto-related businesses.

While efforts towards accelerating the development of the industry are being lauded, the IMF showed concerns about the supervisory system currently in place and suggested emphatically that the authorities should improve their understanding of the risks and employ adequate sanctions in case of breaches.

The IMF also thought there was a need for improvement in staffing and formulate a long-term guaranteed financial and operational independence supervisory system as according to it, Malta’s Financial Services Authority was experiencing strain in operation due to an increased number of fintech operators with extensive new products and evolving regulatory environment.

Malta’s declaration of being a blockchain island was underlined by its recently-enacted policies covering new technology and digital assets. This may have caused a positive development for the industry but also increased the risks involved that may result from a lack of proper oversight. The IMF assessment should enable the authorities to re-evaluate their current situation and ensure that the systems put in place are foolproof.

Perhaps, this development brought about by the IMF will also stir up other jurisdictions working towards harmony with the blockchain industry to further improve their policies and regulatory framework to ensure a healthy crypto ecosystem.

 

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Malta Now Tops the World in Crypto Trading With $40 Billion Volume

malta

Just in case crypto watchers haven’t noticed, a recent exchange report confirmed that Malta hasn’t simply slipped under the radar to become the country with the largest crypto trading volumes worldwide, but is planning to retain this accolade.

Both Binance and OKEx signed agreements with the Maltese Stock Exchange (MSX) to create regulated security token exchange platforms in 2018, illustrating the popularity of Malta as a European blockchain and crypto hub. At the end of 2018, Malta’s Parliamentary Secretary Silvio Schembri announced during Delta Summit 2018 that Malta wants to be leading the cryptocurrency race, not be the last one in.

Figures bear out where Malta stands in the crypto race at the moment, with the country’s exchanges processing just under $40 billion worth of cryptocurrencies by December of 2018; to put things in perspective that’s twice as much as the US, the fifth largest crypto trading hub.

The reason why Malta has achieved this success story is best summed up by Charles Hayter, co-founder of CryptoCompare who carried out the most recent report, claiming Malta has simply “carved out a crypto-friendly regulatory atmosphere,” which is why it is now home to some of the world’s largest exchanges.

Malta is supported from the very top, which is perhaps the most significant reason for its success, with both its prime minister Joseph Muscat, and finance minister Silvio Schembri leading the charge. Muscat has called cryptocurrencies the “inevitable future of money” with Schembri predicting that his country will become the “epicenter of the Blockchain industry.”

Joining Malta, Hong Kong, and the U.S. in the top five was Samoa, despite recent warnings from the country’s central bank that nationals should be careful if investing in digital currencies on the internet.

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Malta Still on Course for “Bitcoin Island”

Malta Still on Course for _Bitcoin Island_

The Maltese government has refuted criticism by the country’s opposition Nationalist Party (PN) leader’s comments that the government has been silenced by the fall in cryptocurrency markets over the past year.

PN leader Adrian Delia recently spoke out against the government suggesting that the current market had caused both silence and inaction following prime minister Muscat’s calls to create a blockchain island and make Malta a beacon for global cryptocurrency.

The Parliamentary Secretariat for Financial Services, Digital Economy and Innovation has hit back suggesting that numerous measures had been taken in the cryptocurrency sector and hinted at even more protection for cryptocurrencies moving forward.

The government also maintained that over the past weeks, a Cyber Security Steering Committee had been launched to make the public aware of fraudulent activity while continuing to promote new technologies such as new industries such as that of AI, e-sports, video-gaming and politics on space.

The Parliamentary Secretariat, the body responsible for the cryptocurrency sector, has maintained the focus is on creating an enabling environment for all stakeholders in the market to thrive.

Both Binance and OKEx signed agreements with the Maltese Stock Exchange (MSX) to create regulated security token exchange platforms in 2018, illustrating the popularity of Malta as a European blockchain and crypto hub. At the end of 2018, Malta’s Parliamentary Secretary Silvio Schembri announced at Delta Summit 2018 that Malta wants to be leading the cryptocurrency race, not the last one in.

With three highly significant bills at their second reading in the Maltese Parliament, Malta is pushing towards being the first country to bring into law every regulation necessary to fully support the cryptocurrency industry. The current proposed legislation, the Malta Digital Innovation Bill, the Virtual Financial Assets Bill, and the Innovation Technological Arrangements Services Bill are major steps along that route.

 

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