Malta to Certify Blockchain Platforms

The government of Malta will introduce a new authority which will “certify” blockchain platforms  
19 February 2018   1600

The new Malta Digital Innovation Authority will certify blockchain platforms used by companies in the country. The authority will be responsible for verifying crypto transactions. The government of Malta plans to bring some peace of mind to businesses using distributed ledgers for cross-border payments.

Valletta’s authorities recognized that companies are using blockchain to cut out central authorities. This technology provides cheaper and more efficient money transfers. Due to the fact that blockchain platforms are not currently certified, the government of Malta decided to provide some “legal certainty and trust”. The government of Malta hopes that companies will benefit from the work of the new authority.

According to the Maltese news, the Parliamentary Secretary for the Digital Economy Silvio Schembri presented the new policy document at a press conference with various stakeholders. During this conference, secretary provided details on how authorities plan to implement regulations concerning the cryptocurrency sector in successive stages.

Firstly, the government will set up the Malta Digital Innovation Authority. After that, a draft will formalize the framework for ICOs. Finally, a third law will impose regulation on services directly related to cryptocurrencies.

According to Silvio Schembri, a Maltese politician currently serving as a Member of Parliament, one of the main goals is to promote policies which favor the development of Malta as a hub for new technologies. The aim is to foster innovation by creating a successful ecosystem. It will be achieved through the “utilization of cutting edge technology in useful business cases and the adherence to best practices”. Schembri also stated that the new Authority will protect Malta’s reputation taking into account its international commitments under anti-money laundering directives.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.