MFSA Bolsters Virtual Asset Business Compliance

MFSA Bolsters Virtual Asset Business Compliance

The Malta Financial Services Authority (‘MFSA’) announced that it has partnered with CipherTrace Compliance Monitoring to monitor and manage business risks related to Malta licensed virtual asset businesses and cryptocurrencies. This high-tech Compliance Monitoring solution which facilitate the continuous rating of the risks of cryptocurrency businesses to protect consumers, investors and business partners.

Such components will provide the MFSA with powerful oversight tools to automate regulatory processes and audit the risk management of virtual asset businesses that are licensed in Malta

In broad terms, CipherTrace is a Supervisory Technology (‘SupTech’) tool which will enable the MFSA to manage the risk associated with virtual asset businesses by means of effective cryptocurrency anti-money laundering, cryptocurrency forensics, and blockchain threat intelligence solutions. Such components will provide the MFSA with powerful oversight tools to automate regulatory processes and audit the risk management of virtual asset businesses that are licensed in Malta.

The solution tracks the risk exposure of virtual asset businesses including cryptocurrency exchanges, collective investment schemes and initial coin offerings (ICOs) and helps assure the trustworthiness of virtual asset market participants worldwide, delivering a broad, high-resolution view of the cryptocurrency transaction landscape.

Contact Be. Legal Advocates for more information on Malta’s strategic Virtual Financial Assets offering

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