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Crypto.com Obtains Malta’s Financial License, First on Cryptocurrency Platform

Cryptocurrency

Crypto.com licensed from Malta

Crypto.com, which provides cryptocurrency exchanges and payment services based in Hong Kong, obtained a Type 3 Virtual Financial Assets (VFA) license from the Malta Financial Services Agency (MFSA) in the Republic of Malta on the 12th. Announced that it was done. This is the first time that a cryptocurrency platform has obtained the license.

License details

The Republic of Malta is called “Blockchain Island” and is one of the few countries in Europe that has clarified cryptocurrency regulations, such as incorporating blockchain technology into its own strategy. Many blockchain companies, including major crypto exchanges, are based on Malta.

The license acquired this time is a framework that guarantees investor protection, financial market integrity, and financial stability. Crypto.com is now set by strict security, governance and compliance standards as a cryptocurrency service provider licensed by the European Union (EU).

Financial institutions that have obtained a Type 3 VFA license can provide the following services.

  • Cryptocurrency ordering agency
  • Custody and nominee system
  • Account handling

In officially obtaining the license, CEO Kris Marszalek, founder of Crypto.com, commented:

We have long considered building a fully regulated business the best way to accelerate the transition to cryptocurrencies around the world.

Becoming the first global crypto platform to obtain a Type 3 VFA license from MFSA is a major milestone for the entire crypto industry.

We are an industry leader in regulatory compliance, proud to ensure consumer safety and protection in the EU, and hope to secure licenses in all countries in which we operate.

As Marszalek commented, Crypto.com offers cryptocurrency exchanges and payment services in a regulated manner. Crypto.com also obtained an Australian Financial Services License (ALFS) in November 2008.

The official blog also states, “Continuing to fulfill our obligations to applicable local and international legislation, Crypto.com protects users’ cryptocurrencies and fiat currencies around the world, while ensuring secure and regulatory compliance. “Providing a trading environment”, he emphasized the stance of emphasizing compliance.

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Author: CoinPost Editorial Department
Reference: Crypto.com

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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