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Malta Appoints Cybersecurity Firm CipherTrace For Crypto Compliance

Published by: Insights Desk Released: Mar 12, 2019 Source: DemandTalk
Malta Appoints Cybersecurity Firm CipherTrace For Crypto Compliance

In an attempt to keep a tab on the digital assets, Malta Financial Service Authority (MFSA) has appointed US-based cybersecurity firm CipherTrace. The cybersecurity company will be responsible for the tracking crypto transactions passing through the local exchange channels and various digital wallet providers. The firm will also be given the additional responsibility of overseeing the regulatory processes and audit the risk management of the digital currency businesses that are operating in Malta. Joseph Cuschieri, CEO of Malta financial Security Services Authority (MFSA) was analyzing the critical aspects of the new sector and the recent appointment of CipherTrace. He added that the current challenges loom at large with money laundering and financial opportunities for terrorists with undetectable crypto-currency. Various entities operating in this sphere, the decisions have been taken to engage the services of CipherTrace in order to reduce the fraud and detect illegal transactions.

Malta government is currently scrutinizing the applications of crypto businesses to allow their operation, currently, at least 29 companies have applied for the operational licenses. Malta is one of the crypto friendly nations in the world that has attracted many of the crypto businesses from various industries on to its land. Last December the island nation also issued warning to the unauthorized crypto broker to prevent shady activity.  CipherTrace recently raised close to $15 million from the series of venture capital firms to boost analytics capabilities and to oversee the total crypto market. Founded by Silicon Valley entrepreneurs in 2015, the blockchain security company offers cryptocurrency security to prevent the money laundering, forensics, and blockchain threat intelligence solutions. CipherTrace compliance monitoring will provide the Malta government with powerful insight tools to automate the regulatory process and audit the risk management of crypto businesses. The supervisory technology is called asSupTech and allows the MFSA to monitor the activities of the crypto businesses.

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Insights Desk

Insights Desk is an integral part of SaaS Demand, contributing content resources and marketing vision. It creates and curates content for different technology verticals by keeping upcoming trends and technical regulations in mind, Insights Desk has been a part of technological content creation with the advent of enterprise security.