Regulation is the answer in cryptocurrency sector, export insists
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Banks inside and outside Malta would be willing to open accounts for cryptocurrency companies once they felt they could manage the risks involved, the head of a cyber-intelligence company in the sector said. CipherTrace recently signed a one-year automaticallRegulation is the answer in cryptocurrency sector, export insists
Banks inside and outside Malta would be willing to open accounts for cryptocurrency companies once they felt they could manage the risks involved, the head of a cyber-intelligence company in the sector said. CipherTrace recently signed a one-year automatically renewable contract with the Malta Financial Services Authority to provide checks on cryptocurrency assets. The regulator is going through procedures for the approval of the 29 cryptocurrency agents – known as virtual financial asset agents – that have already applied for licences. Once approved, the agents are expected to submit applications for operators like exchanges, wallets and initial coin offerings. While the agents are expected to do the due diligence on the individuals and entities behind such operators, the MFSA will still require tracking of the assets that flow through them, which is where CipherTrace will come in. Times of Malta reported that banks are reluctant to open accounts for companies in the cryptocurrency sector but CipherTrace CEO Dave Jevans believes that will change once regulations were in place and the sector proved to be actively supervised. “As we know, there has been a lot of pressure on... Read more