Rajarshi Mitra
Independent Analyst
- Malta’s Financial Regulator instructs masses on crypto security
- CipherTrace was appointed to look after audit and security.
The Times of Malta reported that Malta’s financial regulator has delivered a note to the public concerning scams related to Crypto Assets. The Malta Financial Services Authority’s (MFSA) intends to educate the masses about the risk of scams regarding cryptocurrency. The guideline addresses issues related to the digital currency associated scams which entails fake initial coin offerings (ICOs), crowdfunding ventures, fake exchange platforms, and phony e-wallet apps.
The report also states the 11 most common warning signs potential investors should consider, including:
“unrealistically high rates of return which are usually higher than the market average; promises that any funds deposited are 100% guaranteed; aggressive selling techniques which put pressure and rush you to secure a sale; the contradiction between documents and spoken information.”
Earlier this month, the MFSA validated its first 14 crypto assets agents who previously sought a license whose approval came five months after the Virtual Financial Assets Act. Their duty includes safeguarding their customer’s business plan before applying the MFSA.
In March, CipherTrace, a blockchain security firm, was appointed by the MFSA to look after the audit and inspect risk like money laundering and financing terrorism risks related to crypto business.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?