The most recent article on marketwatch.com references Crypto Compare, a global digital currency data provider and stating that Malta facilitated the largest volume of cryptocurrency exchange trading is a small island in southern Europe with a population of less than half a million.

It is noteworthy that Malta became a popular destination for blockchainers and crypto enthusiasts when it claimed first jusrisdiction to adopt blockchain regulations and many crypto companies flocked to establish their offices in malta three major crypto exchanges binance, OKEx and ZBX opened their offices in Malta.

However, according to Dan Hardie of central banking.com, Malta’s drive to become a crypto asset hub will increase the chances its financial system is used for money-laundering, an International Monetary Fund mission warned. Dan Hardie has also written in his article that the IMF mission also warned that Malta’s financial authorities need to make rapid progress with planned anti-money laundering reforms. The Maltese government pledged to make the reforms in 2018 after local authorities’ handling of money-laundering sparked a formal inquiry by the European Banking Authority (EBA).