Malta to Certify Blockchain Platforms

The government of Malta will introduce a new authority which will “certify” blockchain platforms  
19 February 2018   1023

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 Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   74

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.