The Virtual Financial Assets Agents Business Unit of the Malta Chamber of Commerce has refuted the “lax oversight” claims levelled against the county by Times Malta.
The news platform reported earlier that approximately €60 billion worth of cryptocurrency and other digital assets moved through Malta due to the level of laxity by local regulators.
According to Times Malta, the Financial Action Task Force that met in Paris were contemplating whether to put Malta on the list of countries that don’t do enough to curb major financial crimes.
But the VFA Business Unit strongly disagree with these arguments.
“Portraying this sector as one which is not subject to adequate supervision is not a reflection of reality and does not do justice to the work and efforts of the MFSA and VFA Agents,” the VFA Agents Business Unit said in a statement.
“It must be reiterated that the VFA Framework, which falls under the responsibility of the MFSA as competent authority in terms of the VFA Act, regulates the crypto industry at a very high standard,” the strongly-worded written reply continued.
They also defended the licensing process and down played the money laundering accusations.
“The licensing process, which is managed by the MFSA, is very rigorous, with a double-layered approval system consisting of licensed VFA Agents and the MFSA itself ensuring that only legal entities operating at a highly qualitative level are approved by the MFSA and allowed to operate in Malta.”