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Maltese financial regulator MFSA partners with CipherTrace to regulate licensed crypto businesses

Photo Via Malta Winds

Tue, 12 Mar 2019, 06:25 am UTC

The Malta Financial Services Authority (MFSA) is teaming up with blockchain security company CipherTrace to monitor and manage business risks related to licensed virtual asset businesses and cryptocurrencies.

Initially funded by the U.S. Department of Homeland Security Science and Technology (S&T) and DARPA, CipherTrace develops cryptocurrency anti-money laundering, cryptocurrency forensics, and blockchain threat intelligence solutions. It recently raised $15 million in venture capital round led by Aspect Ventures.

According to the official release, CipherTrace is an effective Supervisory Technology (SupTech) tool which will enable MFSA to manage the risk associated with virtual asset businesses. Its Compliance Monitoring solution continuously rates the risks of cryptocurrency businesses to protect consumers, investors and business partners.

“Banks and other financial institutions use the CipherTrace Compliance Monitoring solution to help decide which virtual asset businesses to trust as corporate customers. These insights help banks avoid de-risking by turning away valuable customers in this lucrative and fast growing sector,” said Dave Jevans, CEO CipherTrace.

The Compliance Monitoring solution uses machine learning to de-anonymize transactions, thereby helping regulators to evaluate and monitor the trustworthiness of virtual asset businesses, including cryptocurrency exchanges, collective investment schemes and initial coin offerings (ICOs).

“Being strongly aware of the money laundering and financing of terrorism risks associated with entities operating in this sphere, the decision has been taken to engage the services of CipherTrace in order to reduce fraud and detect transactions with illegal sources of funds,” said MFSA Chief Executive Officer, Joseph Cuschieri.

“CipherTrace Compliance Monitoring will provide the MFSA with powerful oversight tools to automate regulatory processes and audit the risk management of virtual asset businesses that are licensed in Malta.”

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