EU Calls for Malta to Toughen Up On Financial Crime


The European Union has called for growing Cryptocurrency Hub, Malta, to tighten its regulations when it comes to cryptocurrency-related crime. According to this report, Malta has demonstrated that it may not be providing adequate services in response to financial crime.

“The absence of withholding taxes on outbound, that is from EU residents to third country residents, dividends, interest and royalty payments made by Malta-based companies may lead to those payments avoiding tax altogether if they are also not subject to tax in the recipient country.” Over the past 20 years, the economy of Malta has seen a large shift after they first became a hub for i-gaming companies and tourism, which created an influx of new businesses, services and also, permanent residents of the country.