The exchange provider for cryptocurrencies and debit cards Crypto.com received significant regulatory approvals from the Maltese government.
According to an announcement made on November 24th the Malta Financial Services Authority or MFSA, granted Crypto.com approval for two financial licenses: a Financial Institution License and a Class 3 Virtual Financial Asset License (VFA).
As soon as Crypto.com meets the official conditions, With the license for financial institutions, Crypto.com can provide payment services and dispense electronic money. With a Class 3 VFA license, Crypto.com can provide investment management, custody and trading services to professional and non-professional investors.
According to the announcement, Crypto.com is one of the first crypto companies to receive these regulatory approvals from the MFSA after the agency approved the first VFA agents in May 2019. Before obtaining these licenses, Crypto.com operated in Malta under the transitional provisions of the VFA Act.
The Co-Founder and CEO of Crypto.com, Kris Marszaleksaid the company hopes to get more regulatory approvals in various markets over the next year.
Widely known as the “Blockchain Island” in the crypto community. Malta has been actively working to introduce regulations regarding cryptocurrencies in the country.
In 2018 The Maltese government has introduced three laws to create a legal framework for cryptocurrenciesThis reaffirms the country’s focus on developing the blockchain and crypto industries. However, it has been reported that several industry startups have had to do this left the country in an apparent lack of regulatory clarityand the MFSA did not issue a single license until April 2020.
In July 2020 The Maltese government claimed it was breaking away from its blockchain agendaonce prominent to take a more holistic approach to regulating the digital economy.