Blockchain Companies In Malta Struggle To Open Bank Accounts

Crypto and blockchain-based companies in Malta have a hard time opening a bank account in the country according to the local crypto news outlet Times of Malta reports.

The local media outlet allegedly contacted multiple legal firms and financial companies who confirm that banks on the island keep declining their applications to open bank accounts because opening an account for a blockchain company is beyond their ‘’risk appetite.’’ The sources also claimed that the banks did not make a difference between digital currency and blockchain.

The Secretary for Financial Services Silvio Schembri stated that some of the banks are willing to open bank accounts for some blockchain companies but not for the crypto-related ones. Schembri also made clear that ‘’one should make a clear distinction between blockchain operators and crypto operators.
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He continued:

 “The general understanding is that when it comes to crypto operators, banks are waiting for operators to obtain an MFSA [Malta Financial Services Authority] license before opening their doors – which is understandable.”

Malta is considered as the most blockchain-friendly country in the world and received the name ‘’Blockchain island.’’ Also, the MFSA issued a consultation paper on cybersecurity stating that the cybersecurity system of the country should comply with the international standards.

Last year in December, Malta and six countries that are members of the European Union released a declaration for helping in the promotion of the use of distributed ledger technology in the region. the documents make clear that the ‘’education, transport, mobility, shipping, land registry, customs, company registry, and healthcare, are some of the services that can be transformed by the distributed ledger technology.