Malta’s Financial Services Authority Issues A Consultation On Cybersecurity

The regulatory body of Malta, the Financial Services Authority (MFSA) has issued a cybersecurity consultation associated with blockchain technology according to the agency’s tweets about which we are reading in our crypto news today.

The consultation document named ‘’Guidance Notes on Cybersecurity’’ the regulatory body suggests that the cybersecurity system of the agency should be in compliance with the international standards including the European Banking Authority guidelines.

The notes are based on recognized cybersecurity policies such as the 2014 CryptoCurrency Security Standard that guides the secure management of crypto. The guidance notes are also targeting the funds that are invested in virtual currencies but also issues and agents and service providers as well.

The rise of cybersecurity initiatives has possibly caused for more sophisticated cyber attacks to show up and the MFSA outlines some of the most important steps to be taken in order for the industry to use the necessary policies in terms of customer protection and risk management.

Before proceeding with the adoption of the guidance notes, the MFSA is looking for feedback from the community and the consultation period will be opened to the public until March 8.

Malta is one of the countries with the most supportive stance towards blockchain and cryptocurrency and it is deemed as the ‘’blockchain island’’ because of its friendly policies. However, the International Monetary Fund claims that the increasing blockchain businesses in Malta have caused multiple risks of money laundering and terrorism funding.

The Maltese politician and member of the European Parliament Roberta Metsola claimed that the blockchain technology and its decentralized nature provide more security and are ‘’essentially about increasing trust.’’