Malta issues OneCoin regulatory warning
Whereas some countries are taking a more proactive approach against OneCoin, others still grapple with a lack of regulatory authorization.
The latest country to fall into the latter category is Malta, following a OneCoin warning issued by the Malta Financial Services Authority.
As per their website, the MFSA is ‘the single regulator for financial services in Malta’.
In an April 18th warning, the MFSA state they are
concerned about the risks that OneCoin poses to consumers and therefore strongly advises the public and consumers of financial services to exercise extreme caution.
Prior to making any investment decision or entering into any financial services transaction consumers should ascertain that the entity with whom they are dealing is authorised by the MFSA or another financial services regulatory authority as applicable.
Locally OneCoin appears to be primarily promoted by the group “OneCoin Malta” on Facebook.
The MFSA identify OneCoin as a business that offers
a range of services, including the opportunity to invest in, mine, trade, use and benefit from the value of OneCoin.
The regulator does not acknowledge OneCoin’s pseudo-compliance claim it sells “education packages”.
Owing to OneCoin not being a legitimate currency, ‘promoters of OneCoin are neither regulated nor authorised by the MFSA‘.
OneCoin can registered themselves as a licenses entity in Malta but, as in every other jurisdiction they operate in, choose not to do so.