Malta might not be the Crypto utopia we all thought with reports suggesting Crypto-currency companies are struggling to open bank accounts.

Banks in Malta have been declining applications for Crypto related companies with many citing that Cryptocurrency is too high of a risk.

Local legal firms and financial companies have confirmed the banks did not know the difference between digital currencies and blockchain many thinking they are always the same thing.

News from the government suggests that banks are more than willing to open bank accounts for blockchain related companies but not ones operating in cryptocurrencies.

The news comes as a surprise as the image of a blockchain utopia was pictured in Malta with the government doing everything it could to lure companies to the island. But with the lack of education and understanding of the blockchain and cryptocurrencies, it’s appearing to have a negative effect on the utopia of Malta.