Maltese Government: Unlicensed Crypto Exchange Operating in the Territory

Dec 07, 2018 at 19:35

Malta, the self-proclaimed blockchain island, has warned its citizens that an unlicensed crypto exchange is operating in its domestic market.

Authorities identified the exchange as OriginalCrypto, which may not have thr necessary license to offer investment services.

Malta’s Financial Services Authority publicized the warning as it solicited comments from the platform’s owner, SolutionsCM Ltd.

“The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered the following companies to cease infringement of art. 18 of the Italian Legislative Decree No. 58/1998, consisting of the provision of unauthorised investment services and activities to the Italian public performed by SolutionsCM Ltd. via the website,” the regulatory body stated.

Last October, Malta’s prime minister famously declared that cryptocurrencies are the future of money.

In his speech during the 73rd Session of the General Assembly of the UN, Prime Minister Joseph Muscat said this is inevitable through the development of blockchain technology.

He emphasized that his government is focused on making the island country the primary jurisdiction for blockchain and Distributed Ledger Technology.