31 October 2019, AtoZMarkets – MFSA is an autonomous public institution built as the sole regulator of financial services. It also assumes the roles of the Listing Authority and the Resolution Authority. The MSFA warns the public that an entity nicknamed "Bitcoin Future" seems to have "the same misleading features" as a separate scam, "Bitcoin Revolution," for which it has already issued two public warnings this year.
Malta Warns Bitcoin Future
These entities have resurfaced continuously on the Internet as advertisements and operate under different names. These fake advertisements claim to offer a WAY TO BUILD YOUR LIFE BETTER and a UNIQUE OPPORTUNITY for Maltese.
Bitcoin Future promotes itself through fake news articles that misuse images of local personalities and pictures of local government institutions. The fake articles are advertised on various social media platforms and falsely claim to be related to these people.
Bitcoin Future is not a registered Maltese company. Neither it is the entity operating under the transitional provision of Article 62 of the Virtual Financial Assets Act (Cap 590 of the Malta Laws). Nor it allowed to provide financial services in Malta or from Malta.
Besides, the information available to MFSA suggests that Bitcoin Future is likely to be an international "get-rich-quick" cryptocurrency scam. The public should refrain from undertaking any activity or transaction with the entity operating under the names mentioned above.
MSFA Strategic Overview
In September, the MSFA issued a strategic plan to monitor and manage business-related risks related to cryptocurrency firms actively. Also, a strategic plan for 2019-2021 has revealed that the watchdog will modernize its regulatory approach and work closely with the Financial Intelligence Analysis Unit, alongside other national and international authorities, including the new Malta Digital Innovation Authority.
Earlier this year, the MSFA appointed the US-based blockchain security firm CipherTrace to oversee the activities of crypto companies in Malta to help combat money laundering and financing terrorist risks. Moreover, this month, the company has expanded its crypto intelligence platform to trace 700 tokens.
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