The well-known cryptocurrency exchange, Crypto.com, announced yesterday that it has received approval from the Financial Services Authority in Malta (MFSA). The company has obtained a Financial Institutions License along with a Class 3 Virtual Financial Assets (VFA) license.
Malta passed cryptocurrency laws in 2018 to regulate the market and since then the European country has developed a clear framework for to operate under MFSA. According to the official announcement, the company will become one of the first crypto platforms in the world to receive such regulatory approvals in Maltese jurisdiction.
The Financial Institution License allows the company to provide payment services and to issue electronic money. Through a Class 3 VFA license, Crypto.com can offer order execution, custody services and account handling to experienced and inexperienced investors.
Kris Marszalek, Co-Founder and CEO of Crypto.com, said the following about the news:
“We have a long-standing commitment to building a fully regulated business in every market in which we operate. Being one of the first cryptocurrency platforms to receive approval for a Class 3 VFA and Financial Institutions license is an important milestone and we look forward to securing licenses in more markets in 2021. ”
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DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.