Crypto.com, the exchange and debit card provider, is pleased to announce that they have “become one of the first cryptocurrency platforms to receive in-principal approvals for a Financial Institution License and a Class 3 Virtual Financial Assets (VFA) Licence from the MFSA.”
The in-principal approvals will be officially approved once Crypto.com officially meets a number of criteria. The Class 3 VFA Licence authorises the exchange and debit card provider to offer a number of services to a number of experienced and non-experienced investors such as:
In addition to this VFA Licence, the Financial Institution License “allows Crpto.com to offer payment services and issue electronic money.”
Co-founder and CEO of Crypto.com, Kris Marszalek (right), stated:
“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 2018, the Maltese government introduced new laws to set up a sophisticated framework for cryptocurrency, in a bid to further establish Malta as the ‘digital island’. Moreover, Crypto.com are constantly committed to provide their clients and consumers with a secure and compliant crypto trading platform, protecting their users’ “fiat and crypto funds, across the world,” by following and implementing international and local regulations.
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