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Malta Digital Exchange Shifts with Malta Stock Exchange For Launch of Digital Exchange Division

Malta Digital Exchange (MDX) is relocating with the Malta Stock Exchange fo the launch of its digital exchange division, as reported by Times of Malta on March 5th. 

The exchange is in the process of obtaining a securities license. This license will help the exchange bolster a multilateral trading platform, which in turn will introduce a secondary market for digital assets trading.

From the Chairman’s Desk

MDX founder and executive chairman Rick Klink said that the

“Move to the Maltese Stock Exchange means that we are now physically positioned to be at the heart of the next wave of institutional financial innovation.” 

The relocation serves as a blow to the International Monetary Fund’s (IMF) statement that the Malta Financial Services Authority (MFSA) has several gaps in its Anti-Money Laundering (AML) policies.

IMF’s Statement

In its Financial System Stability Assessment Report, the IMF had  recommended employing more resources to keep an eye on blockchain and cryptocurrency service providers. Further, it highlighted the need for a better screening process for sensitive owner information and monitoring of risk-sensitive accounts. 

A Financial System Stability Assessment Report was issued by the IMF on Thursday. As per the report, the IMF stated that

“Containing financial integrity risks is critical to financial stability. A multi-prong approach is needed to address AML/CFT deficiencies. Enhancing the AML/CFT system is required to protect the financial sector and the broader economy from the ML/TF [money laundering/terrorism financing] threats."

Earlier this month, a number of legal firms and financial companies said that several banks declined their applications to open accounts. The sources alleged that banks did not draw any similarities between Cryptocurrency and blockchain, but they were always connected.

Consultation on Cybersecurity Measures

In early February, MFSA also had a deliberate discussion on cybersecurity associated with new and upcoming technologies. In a consultation document called “Guidance Notes on Cybersecurity,” the firm suggested that the agency’s cybersecurity system should be in lines with international standards. In addition, to including guidelines by the European Banking Authority (EBA).

The guidance notes draw heavy similarity from recognized cybersecurity policies such as CryptoCurrency Security Standard (CCSS). These policies were introduced in 2014 to provide guidance for the secure management of cryptocurrencies.