CipherTrace, a blockchain analytics company, is partnering with the Republic of Malta’s sole financial regulatory agency to ensure that all crypto transactions within the country are free of money laundering and other similar financial crimes.
As the Times of Malta reported on March 11, 2019, the Malta Financial Services Authority (MFSA) has enlisted the help of U.S.-based company CipherTrace to audit cryptoasset services that operate within Malta’s jurisdiction.
The MFSA will require potential cryptocurrency agents, like individuals operating exchanges, wallets and ICOs, to formally register with the MFSA. CipherTrace will then “provide the MFSA with powerful oversight tools to automate regulatory processes and audit the risk management of virtual asset businesses licensed in Malta,” claimed CEO Joseph Cuschieri.
Blockchain analytics companies, which have proliferated in the bear market, have come under public scrutiny as of late for their stated goal of deanonymizing blockchain transactions and the privacy implications…