The Maltese Government has appointed Joseph Cuschieri, the former chief regulator of Malta's online gambling industry, as the head of the Malta Financial Services Authority.

Cuschieri's appointment seems to be a symbol of the Government's desire to make Malta the hub of the European crypto-currency industry, as the MFSA is expected to start regulating 'cryptos' soon. He recently left the post of CEO of the Malta Gambling Authority, handing over to Heathcliff Farrugia after a period of five years.

Cuschieri also sits on the MFSA's board of governors. He is an accountant by trade and holds a British MBA. He was the chief commercial officer at Vodafone Malta, the chief operating officer at the Malta Communications Authority and a senior consultant who worked at Ernst & Young.

This is the first time in its history that the MFSA will have a CEO and a separate non-executive chairman. The new structure is in line with that of other European financial regulators such as the British Financial Conduct Authority. The European Central Bank insisted on the change.

Casinogamespro.com, an American website, reports: "The reason behind Joseph Cuschieri’s decision to leave the MGA could be defined as complex. The announcement of his decision came following the negative publicity regarding the Italian-based online gambling businesses which have received a licence for operation [i.e. received licences to operate] from [the] MGA. Allegedly they are connected to the Mafia and illegal activities."