Unlike it may sound or is hyped in the world of cryptocurrencies, Malta (supposedly the heaven of cryptocurrencies) has negated on opening a crypto account. Indeed, it puts investors and carriers in trouble.
Banks now ask for a complete license from MFSA (Malta Financial Services Authority) to open an account which takes around 6 to 7 months to respond and then get account functional.
Malta is the place where anyone can open a cryptocurrency account, is neither true not anything but a supersonic hype. New startups of this field have to go through tough times in starting their business in crypto.
Bitbay, Minance, Zebpay, Okex, and Bittrex, all have to seek restricted regulatory prerogatives in order to open up a shop in this domain.
According to media, Malta is not among another one-stop business shop for cryptocurrencies. Instead, banks in Malta are not opening accounts because of risk factors they might have to bear in the future.
In addition to it, Silvio Schembri the secretary of Parliament of Financial Services addressed to the newspaper that discrepancies should be cleared between crypto functions and crypto blockchain. It would rather be because banks are not interested in doing business with crypto operations.