EU: Malta needs to improve its preparedness for dealing with cryptocurrency crimes

According to Malta Today, the EU has indicated to Malta that due to the popularity of cryptocurrencies, Malta needs to improve existing resources to combat potential financial crimes. In a letter to member states, the European Commission listed Malta's booming cryptocurrency industry as a potential weakness in combating financial crime. The Malta Daily concluded: “The European Commission, when recommending the use of EU funds to member states, stated that the size of Malta’s financial and gaming industries and the efforts to attract cryptocurrency operators require effective anti-money laundering laws.”