‘Blockchain Island’ Faces Off Against EU Over Crypto Regulation
Malta has had great success in attracting prominent crypto firms.
Photographer: Jakub Pokrzycki/NurPhoto/Getty Images
Europe’s financial supervision battles are usually fought diplomatically. A tersely worded statement here, a veiled signal there. But on the tiny island of Malta — home to golden visas, legalized cannabis and a massive gambling industry — the rules of engagement are different.
For months now, the EU’s smallest member state has been openly railing against plans to centralize crypto supervision under the Paris-based European Securities and Markets Authority, or ESMA. Should Europe’s council of leaders and parliament back the proposal, a process supporters are hoping to advance this summer, Malta would have to cede direct oversight of big industry names like Crypto.com, Gemini and Bitpanda.