Cryptocurrency exchange Crypto.com has scored major regulatory approvals from the Maltese government.
November 24, 2020 | AtoZ Markets – Crypto.com, a Hong Kong-based cryptocurrency payment platform has become one of the first to receive licensing approval from the Malta Financial Services Authority (MFSA), the company said.
We're excited to become one of the first cryptocurrency platforms to receive in-principle approvals for— Crypto.com (@cryptocom) November 24, 2020
➕ A Class 3 Virtual Financial Assets (VFA) License; and
➕ A Financial Institution License
from the Malta Financial Services Authority.
Details: https://t.co/pKvYBklAPR pic.twitter.com/aggGjAdAql
Crypto.com obtains MFSA financial licenses in search of a competitive edge across Europe
As an MFSA-licensed financial institution, Crypto.com will be able to offer payment services and issue electronic money.
The license in the field of Virtual Financial Assets (VFA) of the third class allows you to provide investment management, storage and trading services for cryptocurrencies for both professional and non-professional investors.
Licenses are provisional. Crypto.com CEO Chris Marshalek explained that they will become complete after meeting a number of MFSA requirements, but declined to clarify those requirements. Marshalek noted that the licenses will help prepare for the entry into force of the cryptocurrency asset markets (MiCA) bill.
Binance not authorized by the MFSA to operate in Malta
Recall that in February, the MFSA said Binance crypto exchange Is not authorized to operate in Malta. In their February 21 public statement, MFSA said that Binance does not have any legal authority to operate in the crypto sphere within the Authority’s jurisdiction. The regulator said:
“Following a report in a section of the media referring to Binance as a ‘Malta-based cryptocurrency’ company, the Malta Financial Services Authority (MFSA) reiterates that Binance is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.”
The MFSA further emphasized that operating a crypto-related business in the country requires an MFSA license.
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