Jason Azzopardi calls for audit into blockchain marketing ‘flop’

Opposition MP Jason Azzopardi is calling on the Auditor General to investigate the money spent on promoting Malta as ‘Blockchain Island’.

In parliament on Monday, Azzopardi stated that the Auditor General ought to investigate the millions spent on the marketing “flop” to promote Malta as a blockchain hub.

He referred to a report by MaltaToday that showed 70% of crypto companies that initially planned to set up shop in Malta failed to give a formal notice to start official licensing.

Another report cited by Azzopardi said that Malta lost its opportunity to cement its place as a blockchain hub. Published two years ago, the report said that Malta’s crypto application process was complex to navigate and riddled with high fees.

Azzopardi then referred to an interview on Xtra where Finance Minister Clyde Caruana said that “significant issues” in the cryptocurrency sector contributed to Malta’s greylisting by the Financial Action Task Force (FATF).

“It’s no wonder that we ended up greylisted,” Azzopardi said.

Later in the parliamentary session, government MP Silvio Schembri hit out at Azzopardi over his blockchain comments.

He pulled out a report that quoted FATF head Marcus Pleyer. In it, he said that Malta’s crypto industry was not an issue flagged in the greylisting.