https://www.um.edu.mt/library/oar/handle/123456789/131560 2026-07-25T22:22:18Z 2026-07-25T22:22:18Z https://www.um.edu.mt/library/oar/handle/123456789/148123 2026-07-20T07:55:34Z 2024-01-01T00:00:00Z

Title: An in-depth analysis of the Transfer of Funds Regulation (EU) 2023/1113 and its effectiveness in combating money-laundering via the use of cryptoassets in the EU Abstract: This dissertation is a critical appraisal of the effectiveness of the Transfer of Funds Regulation (EU) 2023/1113 (TFR) in reducing the flow of money derived from the proceeds of crime and associated with money laundering involving crypto-assets in Europe. Crypto-assets significantly widen the scale of the digital frontier and emphasise new challenges for the modern world of finances, especially in the scope of money laundering. Using an all-inclusive approach, the work discloses the key value that the TFR adds to the regulatory oversight of the use of crypto-assets in criminal activity, such as money laundering in the EU. Description: M.Sc.(Melit.)

2024-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/132493 2025-02-25T09:09:53Z 2024-01-01T00:00:00Z

Title: Optimizing portfolio diversification in the cryptocurrency era : a study of American and European markets Abstract: Cryptocurrencies are gaining traction among investors, but their integration into traditional portfolios remains underexplored, especially across different geographic markets. Classical portfolio optimisation models make rigid assumptions about return distributions, market efficiency and investor rationality. This dissertation conducts a comparative analysis between American and European stock portfolios to examine if cryptocurrencies can improve returns and diversification. The study utilises naive diversification and Markowitz's modern portfolio theory to analyse the S&P 500 and the Euro Stoxx 50 indexes’ largest holdings with the top 5 cryptocurrencies by market capitalisation. The empirical findings reveal noticeable differences in how US and European markets respond to cryptocurrencies. Metrics like returns, volatility and Sharpe ratios substantially improve for European markets including cryptocurrencies, although aggressive optimisation overweights cryptocurrencies, increasing concentration risks. American markets demonstrate more conservative improvements, reflecting the inherent quality within US equities providing a strong foundation. Individual US tech stocks generate the highest standalone returns, although Bitcoin and Ethereum offer unrealized growth potential. The results contradict assumptions about international convergence in asset efficiency. Regional discrepancies can inform tailored geo asset allocations policies leveraging local dynamics. As the cryptocurrency ecosystem evolves, continual reevaluation of correlations, volatility and regulations remains imperative. This dissertation provides practical insights but has limitations including restricted samples, simplified trading assumptions and dependence on stringent modern portfolio theory conditions. Further research using multifaceted perspectives is warranted as innovation disrupts concepts of risk and return in global finance. Description: M.Sc.(Melit.)

2024-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/132492 2025-02-25T09:08:50Z 2024-01-01T00:00:00Z

Title: Ensuring fairness and integrity in the crypto asset market : exploring MiCA’s approach to market abuse Abstract: This thesis examines the adequacy of the Markets in Crypto Assets (MiCA) regulation in countering market abuse within the crypto asset sector, amidst its rapid growth and the unique challenges it presents. It scrutinizes the extent to which MiCA's market abuse provisions can effectively safeguard market integrity and investor confidence against the backdrop of decentralized technologies, high volatility, and emerging forms of market manipulation unique to the crypto world. Through a detailed analysis of MiCA's regulatory framework, the study aims to assess whether MiCA strikes an appropriate balance between fostering innovation and ensuring market fairness and transparency. The research methodology employs a black-letter approach, analyzing legal texts and existing literature to evaluate the regulation's potential impact on preventing market abuse in the crypto space. The thesis also explores traditional and novel forms of market manipulation, such as wash trading, pump and dump schemes, and the implications of decentralized trading platforms on regulatory oversight. It concludes with a reflection on the effectiveness of MiCA's provisions and proposes areas for future research, particularly in adapting regulatory mechanisms to keep pace with technological advancements and emerging market abuse tactics in the digital asset landscape. Description: M.Sc.(Melit.)

2024-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/132491 2025-02-25T09:05:42Z 2024-01-01T00:00:00Z

Title: The application of distributed ledger technology in online poker operations Abstract: Distributed Ledger Technology has brought about a change in the way we can transact. The technology provides us with dynamic benefits since it is a powerful encrypted ledger system that has the ability to be applied to any type of transaction. Poker is a card game that originated in the 1820s in the United States. With the establishment of the World Series of Poker in the 1970s, the game gained popularity. It became popular due to the efforts of professional and fortunate players. Online poker is a variation of the poker game that is played over the Internet. It contributed to a massive growth in the number of poker players worldwide. Numerous countries have legalised and regulated online poker. Typically, online poker clubs function via their own piece of software. The research project will focus on how to use distributed ledger technology in online poker operations and an analysis of how this can be implemented as applied by the regulations established by the authorities in Malta. Description: M.Sc.(Melit.)

2024-01-01T00:00:00Z