On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
The Financial Action Task Force, a membership body of 37 jurisdictions and two regional organizations, has flagged Malta’s initial push to attract cryptocurrency business as “problematic.”
Malta’s strategy to become a global enclave for digital assets appears to be working, though lax regulatory oversight has raised concerns over money laundering and other financial crime.
Roughly $71 billion, or 60 billion euros, worth of cryptocurrencies have passed through Malta since the tiny Mediterranean state first adopted its “blockchain island” strategy in 2017, the Times of Malta reported Sunday. Although Malta has upgraded its crypto-focused regulations in recent years, financial watchdogs are concerned about whether the nation’s anti-money laundering regime has been robust enough.
The Financial Action Task Force, or FATF, met in Paris last week to discuss whether Malta should be put on a list of countries that have fallen short of their obligations to stop financial crime. Specifically, the financial watchdog is concerned about Malta’s initial push to embrace cryptocurrencies in 2017 and 2018 when the sector was far less regulated. FATF officials also expressed concerns over the country’s law enforcement regime.
Several blockchain companies established operations in Malta in 2018, including cryptocurrency exchange Binance, in anticipation of more favorable laws. Companies that set up shop in the country were allowed to operate without a license for up to one year. An industry source told the Times of Malta that the one-year grace period contributed to "an explosion of high-risk transactions carried out by cryptocurrency exchanges in an unlicensed environment."
Related: Binance is not authorized to operate in Malta, financial regulator says
Nevertheless, Malta is still considered a favorable destination for crypto-asset firms. As Cointelegraph reported, Crypto.com recently acquired Malta’s Class 3 Virtual Financial Asset License, paving the way for broader recognition of cryptocurrencies across the European Union.
In June 2020, Malta broadened its blockchain ambitions, pivoting to digital assets more holistically as a way to drive adoption and business growth. “We’re moving away from blockchain island, and more towards a digital island because we believe more in this holistic vision that includes all aspects and technological components,” Kearon Bruno, chairman of Digital Economy Think Tank tasked with growing Malta’s economic portfolio, told Cointelegraph at the time.
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