Crypto.com Receives License from Malta Financial Services Authority

Cryptocurrency exchange and app, Crypto.com announced today that it has received major regulatory approvals in Malta. The company has secured a Financial Institution license along with a Class 3 Virtual Financial Assets (VFA) license from the Malta Financial Services Authority (MFSA).

According to the official announcement, the company becomes one of the first crypto platforms in the world to achieve such regulatory approvals in the Maltese jurisdiction. Malta approved cryptocurrency laws in 2018 to regulate the market and since then, the European country developed a clear framework for cryptocurrency platforms to operate under MFSA.

The Financial Institution License obtained by crypto.com allows the company to offer payment services and issue electronic money. Through Class 3 VFA license, crypto.com can offer order execution, custody services, and account dealing to experienced and non-experienced investors.

“We have a long-standing commitment to building a fully regulated business in every market we operate in. Being one of the first cryptocurrency platforms to receive in-principle approval for a Class 3 VFA License and a Financial Institution License is an important milestone and we look forward to securing licenses in more markets throughout 2021,” Kris Marszalek, Co-founder and CEO of Crypto.com, said in a statement.

Expansion in Europe

The company aims to achieve a competitive edge across Europe with new approvals. In recent years, Malta emerged as a hub for international crypto platforms. Leading cryptocurrency exchanges selected Malta as an important destination for global expansion. Malta introduced laws in 2018 to create a regulatory framework for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term and crypto companies but many companies were unsure about the exact requirements. Earlier this year, the Maltese authorities announced that the country was considering substantial measures towards the digital economy, including Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of crypto platforms.

Finance Magnates reported last year about the intent of crypto exchanges to apply for MFSA license. The authority received ‘Letters of Intent’ from 34 prospective digital asset providers, including 21 cryptocurrency exchanges.