CipherTrace Is Appointed As Auditor Of Crypto Market In Malta
The regulator of Malta has appointed the American blockchain security company CipherTrace as an observer for the crypto sphere in the country, The Times of Malta reports.
Joseph Cuschieri, CEO of the Malta Financial Services Authority, explained that CipherTrace will now be responsible for monitoring regulatory processes and auditing risks management in the field of cryptocurrency business, which is licensed in Malta.
The company will also contribute to the fight against money laundering and the financing of terrorism using cryptocurrencies. In late February 2019, the International Monetary Fund claimed that the MFSA has problems in these spheres. The IMF called on the country’s authorities to take urgent measure to protect the economic sector.
The MFSA interacts with crypto platforms, ICO projects, and decentralized exchanges with the help of experts in the field of virtual financial assets (VFA). The VFA “agents” may include auditors, lawyers, accountants, and other specialists who are required to conduct comprehensive legal audits of cryptocurrency companies and establish contact with regulators.
In the fall of 2018, it was reported that approximately two-thirds of VFA experts did not qualify for a license, despite the decrease in the test complexity. The MFSA will presumably complete the crypto agents licensing by the end of March 2019.
Earlier, the Malta Digital Exchange (MDX) has moved to the office of the Maltese Stock Exchange (MSE), which plans to launch its own cryptocurrency division.