Crypto.com secures regulatory approvals from Maltese authorities


Advertisements

Cryptocurrency exchange and debit card provider Crypto.com has scored major regulatory approvals from the Maltese government.

According to a Nov. 24 announcement, the Malta Financial Services Authority, or MFSA, has granted Crypto.com two financial licenses: a Financial Institution License and a Class 3 Virtual Financial Assets, or VFA, License.

The Financial Institution License officially enables Crypto.com to provide payment services and issue electronic money. A Class 3 VFA License allows Crypto.com to offer investment management services, custody and trading to both professional and nonprofessional investors.

According to the announcement, Crypto.com is one of the first crypto firms to receive these regulatory approvals from the MFSA after the agency approved the first VFA Agents in May 2019. Prior to obtaining these licenses, Crypto.com has been operating under the transitory provisions of the VFA Act in Malta.

Crypto.com co-founder and CEO Kris Marszalek said that the firm hopes to obtain more regulatory approvals in different markets next year.

Widely referred to as the “blockchain island” in the crypto community, Malta has been actively working to introduce crypto-related regulations in the country.

In 2018, the Maltese government introduced three laws to establish a regulatory framework for crypto, reaffirming the country’s focus on the development of the blockchain and crypto industry. However, a number of industry startups reportedly had to leave the country amid an apparent lack of regulatory clarity, with the MFSA not issuing a single crypto license as of April 2020.

In July 2020, the Maltese government claimed that it was breaking away from its once-prominent blockchain agenda to take a more holistic approach to regulating the digital economy.


Like it? Share with your friends!

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
admin

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format