Malta has been hyped up as the happy ending for crypto business who have trouble operating elsewhere, but there’s a problem: banks are reluctant to grant crypto startups business accounts until they’re properly licensed with the MFSA. This process can take up to six months for a first-round response, leaving many businesses unable to operate using local bank accounts.
Also read: Only 39 Percent Pass Malta’s Cryptocurrency Exam
A Banking Snag in Blockchain Paradise
A recent report by the Times of Malta suggests that while crypto businesses have flocked to the world’s so-called blockchain haven, a task as simple as opening a bank account isn’t nearly as straight-forward as they had anticipated, with banks showing them the door until they’ve received the appropriate licensure from the Malta Financial Services Authority.
Malta, a tiny island in the middle of the Mediterranean, has — thanks to its highly publicised commitment to becoming the “Blockchain Island” — made a name for itself in an industry where…