‘The Maltese Falcoin’: kutsimikizira kwa binance JPMorgan issues critical Bitcoin report.
A critical report on Bitcoin which was recently published by American multinational investment bank JPMorgan is named ‘The Maltese Falcoin’.
The report’s name clearly riffs on ‘The Maltese Falcon’ – a 1941 cult film about a priceless artifact that comes to symbolise greed, binance cryptocurrency exchange
beoardieling australia and which turns out, mô hình trezor t binance in the end, to be fake. However, it also inadvertently makes reference to Malta’s tempestuous love affair with cryptocurrency.
In the report, JPMorgan Asset & Wealth Management’s chairman of market and investment strategy Michael Cembalest wrote "I won’t be buying it even though part of me wants to, regardless of consequences, since that’s what some crypto holders have been counting on from the beginning."
In his 30-page investigation, "The Maltese Falcoin: On cryptocurrencies and blockchains," Cembalest said "I would take another look if crypto valuations and the companies linked to them plummeted to deeply distressed values. But until then, the most widely discussed use cases and the valuations at which they’re trading are still the "stuff that dreams are made of."
Malta has long been on the radar of crypto investors as many crypto exchanges and block chain projects operate from the country, after the country embarked on a charm offensive in 2017.
Malta is tax free for crypto investors and exempts capital gains tax and VAT and has implemented several crypto friendly virtual currency legislations.
This attracted several companies like Revolut, OKex, Nchain, binance cryptocurrency exchange
to set up shop in Malta. However, despite being marketed as ‘blockchain island’, many companies started operating in a limited away, without a licence, as a generous "transitory period" of up to one year was allowed by Malta.
Malta’s plunge into the risky world of cryptocurrency drew a warning from the European Commission about the need for proper regulatory and law enforcement controls.
Before Malta shored up its regulatory framework for cryptocurrency a large volume of transactions during the country’s initial push for crypto business was flagged as "problematic" by global experts reviewing Malta’s anti-money laundering regime.
Some €60 billion in cryptocurrency and other virtual assets moved through Malta in the initial stages and this raised a number of red flags.
Moreover, last year Malta financial services regulator, the MFSA, said the world’s biggest cryptocurrency exchange Binance is not authorised to operate in the virtual assets sector in Malta. The authority had already issued a similar notice in February 2020.
Although founder Changpeng Zhao denied his company is headquartered or operated in Malta, in 2018 former prime minister Joseph Muscat had welcomed wéi eng Binance App fir Reddit ze benotzen
to Malta with much fanfare.