Crypto.com, a popular platform for buying and selling digital assets, became the first cryptocurrency company to receive a Maltese license for Class 3 virtual financial assets.
In accordance with the VFA Class 3 license Crypto.com can provide storage services and execute orders on behalf of others.
The license was granted by the Malta Financial Services Authority (MFSA), paving the way for greater recognition of digital assets across the European Union. As a licensed Class 3 VFA service provider, Crypto.com is subject to more stringent management, compliance, and security requirements.
Before obtaining a VFA license Crypto.com worked in Malta under the temporary legislation. The tiny Mediterranean country is one of a small number of European Union jurisdictions that have developed clear regulatory rules for cryptocurrencies.
Chris Marshalek, Co-founder and CEO Crypto.com, said that his company “has long believed that building a fully regulated business is the best way to accelerate the world’s transition to cryptocurrency,” and added:
“Being the first global cryptocurrency platform to receive a Class 3 VFA License from the MFSA is a major milestone for the industry as a whole. We are proud to lead the industry in regulatory compliance, ensuring consumer safety and protection in the EU and look forward to securing licenses in every country we operate in.”
Crypto.com has quickly grown into one of the largest digital asset trading platforms: the number of active users reached 5 million in October 2020. The company is targeting 15 million users by the end of 2021 and 100 million within five years.