FinancialGuy Writes!

As suggested on this blog previously (here and here) the transition to a crypto paradise and become the Blockchain Island, is not smooth in Malta.

I wish that it was! As a crypto and blockchain enthusiast, I would like few things more than to see these businesses launching and growing nearby.

However, the reality is that this isn’t so easy. As reported in the Times of Malta today, these new businesses are mainly being refused access to the traditional banking sector and more specifically, to open accounts, in Malta. This is obviously a huge problem for a new business and even more so if the company in question operates within the financial services sector. It is also worth noting that this is Malta – and if people are telling the newspapers then the situation must be bad!

The real problem is that the crypto and blockchain spaces are very fast moving and if problems like this cannot be overcome then new companies will move on quickly and Malta’s current jurisdictional advantage will be lost.

It ought to be added, for the general reassurance of any EU officials reading this, that opening either a personal or business bank account in Malta has been very, very difficult to do for the last couple of years. I hear on the grapevine just how hard it is and it must be turning new companies and investors away daily.

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