Malta the supervision of licensed economic consulting for crypto-market

Malta the supervision of licensed economic consulting for the crypto market

Home News Malta the supervision of licensed economic consulting for the crypto market

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Matthias Nemack –
03.04.2019

Companies that work with Bitcoin, Ethereum and the Blockchain, Malta welcome to. Now, there are in the country even a new profession: the crypto-economy consultant.

Malta wants to strengthen Leadership and criticism respond

After institutions such as the International monetary Fund (IMF) in the past, the handling of Malta with the crypto industry had criticized, has created the government of the island nation and according to a clear set of rules for the market. Almost half a year ago about the law of Virtual assets was implemented. Now Malta is created in the “Blockchain Paradise”, as the some of the small country of the next Innovation. The granting of the license by the competent Supervisory authority Malta Financial Services Authority – short-MFSA – for the profession of business consultants, who specialize explicitly on the market for digital currencies, of course, the big names in the industry, from Bitcoin to Ripple.

Only a few licenses were initially awarded

It was in the course of the application, there are no real guidelines as to what a professional environment, potential candidates should come from. And so, for example, lawyers, certified accountants and tax consultants to obtain approval. According to the authority, over 250 applications were received, such as reports for the week, the middle of recognize. About two out of three candidates were disqualified during the first processes of the test, so to speak, and the list deleted. Only 28 applicants have been tested in the last step, further, at the end of the first 14 licenses were awarded. The new professional group to receive future support from the administrative staff, to the extent that this is necessary in the Wake of the introduction or at a later time. The goal of the consulting is to be the relief for companies, with reference to the Blockchain, or currencies such as Ethereum that have chosen Malta as a location.

Authority of Malta would like to create more confidence in the market

Companies should have with the help of the crypto-economy consultant less problems in the future MFSA-requests, and easier compliance with legal aspects of crypto-transactions. In particular, the issue of money laundering plays an important role, as it is said in the opinion of the Supervisory authority. Of the new licensing Malta promises to last but not least, a strengthening of the importance as a European crypto-pioneer, with the aim to create a financial Supervisory authority with a role model for institutions in other States. The basic crypto to increase interest in Maltese companies and investors the confidence-building measure. Also advising in connection with the Wallets may be addressed, in order for users to make correct decisions.

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