Trouble in Paradise? Blockchain-companies in Malta are not always easy

the Maltese banks are refusing, apparently, with Blockchain-companies. The island, the company is considered to be a haven for Bitcoin, crypto and Blockchain-the company, in spite of their General conception of readiness, seem to have difficulties.

By Phillip Horch
5. March 2019BTC$3.836,26 3.11%part Facebook Twitter LinkedIn xing mail

When it comes to Bitcoin, Blockchain, cryptocurrencies and taxes, is in Malta for many the first point of contact. The small group of Islands in the Mediterranean sea between Sicily and the North African coast has Long been considered a popular destination for crypto-companies. Only in the last year about one of the largest crypto stock exchanges, including Binance decided to flee from the restrictions and in Malta. The settlement of the various Blockchain-companies led ultimately to Malta, more and more Bitcoin-mutant Mecca – the economy is booming.

banks do not have to do with licenses is sometimes hard to

But everything is running around in the crypto Paradise. In addition to well-known problems with the freedom of the press also Blockchain-companies are complaining now, the lack of freedoms in Malta. Because, as the local newspaper Times of Malta reported, the latter is not always easy in the negotiations with the banks.

Accordingly, whether new company will not be able to get new Bank Accounts without the authorisation of the Malta Financial Services authority (MFSA). In addition, banks were no difference between the Blockchain and crypto-currencies, but rejected applications of the respective enterprises that are rigorous, provided that they brought no approval of the MFSA.

New guidelines are intended to provide clarity

As Times of Malta reported, Silvio Schembri, member of Parliament for Finance, however, in negotiations with the banks. In order to provide in the future, new companies, better opportunities, it's important to hone more closely to the existing guidelines and a more accurate distinction between the Blockchain and crypto-currencies. The government also wants to develop in Malta in the future, a method of the approval or rejection of White Papers accelerates proceed.

MFSA 28 proposals on the table, waiting since November for a permit are currently apparently. According to prevailing law, this must be answered not directly. Rather, the authorities have a total of six months to edit it – just in Kryptoversum a (too) long time.

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