The International Monetary Fund (IMF) has issued a Financial System Stability Assessment Report on the Malta Financial Services Authority (MFSA). The report states that there are alarming gaps in MFSA’s regulatory framework for anti-money laundering and combating financing of terrorism. Also, Malta-based blockchain companies are finding difficulty in opening bank accounts. The IMF has recommended employing of more resources to supervise blockchain and cryptocurrency service providers.
RnF Finance Limited, a Maltese company, has applied for authorization from Malta Financial Services Authority to serve as a credit institution in Malta. The firm has claimed to start the banking operations by mid-2019. It intends to invest in innovative technologies such as Blockchain and Artificial Intelligence in its initial years.