Crypto.com Bags Major Regulatory Approvals from Malta’s Financial Regulators
Crypto.com continues to blaze the crypto regulatory trail. This time in Malta.
A Major Regulatory Success for Crypto.com
In a blog post published today, major cryptocurrency trading platform Crypto.com announced it had become of the first digital currency platforms to successfully bag in-principle approvals for a Financial Institution License and a Class 3 Virtual Financial Assets (VFA) License from the Maltese financial regulator – the Malta Financial Services Authority.
Notably, until now, Crypto.com had been operating under the transitory provisions of the Virtual Financial Asset Act in Malta and has been working closely with the financial watchdog to achieve such significant milestones.
As is widely known, Malta is considered one of the most crypto-friendly countries not only in Europe but the whole world. The country has in place an exhaustive and carefully developed digital assets regulatory framework to safeguard customers.
Crypto.com has always been a pioneer in keeping up with the constantly evolving crypto regulations in Malta. Lawfully following the conditions and discharging on-going obligations of the applicable local and international laws is a testimony to Crypto.com’s commitment to provide a safe and compliant crypto trading environment.
How does a Class 3 VFA License Benefit Crypto.com?
Successfully securing a Class 3 VFA License is no ordinary feat.
The license will enable Crypto.com to offer the following services to both experienced and non-experienced investors.
1) Execution of orders on behalf of other persons
2) Custodian or Nominee Services
3) Dealing on own account
Further, having a Financial Institution License also allows Crypto.com to offer payment services and issue electronic money.
Commenting on the development, Kris Marszalek, Co-founder, and CEO of Crypto.com, noted,
“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.”
In related news, BTCManager reported on October 20 that Crypto.com had integrated PayID, a universal payment identifier to enable its 5M+ users to send/receive digital assets across any network under the same initiative.
On a more recent note, on November 17, Crypto.com announced that it had joined the International Digital Asset Exchange Association – an industry standards-setting organization that plays a major role in advancing dialogue regarding proposed regulations.