RATE Group | Malta’s ‘Blockchain Island’ Dream Deferred as 70% Entities Shun Licensing
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Malta’s ‘Blockchain Island’ Dream Deferred as 70% Entities Shun Licensing

26 Apr Malta’s ‘Blockchain Island’ Dream Deferred as 70% Entities Shun Licensing

Posted at 07:44h in Bitcoin News by

Malta’s 'Blockchain Island' Dream Deferred as 70% Entities Shun Licensing

Malta’s futuristic design to be the “Blockchain Island” has suffered a setback as 70% of companies in the sector have not sought licensing. Six months after the deadline, only 26 companies have applied for licensing and none has been granted one.

Malta initiated legislation to regulate virtual financial assets in 2018 and invited companies to operate on the island during the transitory phase, after which they were supposed to register. Six months after the deadline, 57 of the 83 companies which responded to the call have not applied for licensing.

The Malta Financial Services Authority (MFSA) has received 26 applications which it is still reviewing and has yet to issue any license. On Friday, however, the financial regulator published a list of 57 companies that have not sought licensing six months after the deadline, despite its multiple reminders to them since November 2019.

In a statement, the MFSA said it is aware of a number of entities that have “failed to submit either…

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