Crypto.com has secured a Class 3 VFA license from the MFSA as the crypto platform searches for a competitive edge across Europe.
May 12, 2021, | AtoZ Markets – Cryptocurrency exchange and debit card provider Crypto.com, has received a Class 3 Virtual Financial Assets or VFA License from the Malta Financial Services Authority, or MFSA.
According to a May 12 announcement, this license permits the company to offer services like the execution of orders on behalf of other persons, custodian or nominee services and dealing on its own account.
The Hong Kong-based crypto firm received in-principle approval from the MFSA last November for a Financial Institution License, which is still in process. If approved, that will allow the company to offer payment services and issue electronic money.
Crypto.com co-founder and CEO Kris Marszalek said the company “believed that building a fully regulated business is the best way to accelerate the world’s transition to cryptocurrency.”
“Being the first global cryptocurrency platform to receive a Class 3 VFA License from the MFSA is a major milestone for the industry as a whole. We are proud to lead the industry in regulatory compliance, ensuring consumer safety and protection in the EU, and look forward to securing licenses in every country we operate in.”
Founded in 2016 by Bobby Bao, Crypto.com has active users of 5 million as of October 2020, and is fully focusing on regulations to capture the global cryptocurrency market.
As AtoZ Markets reported last December, the firm has received an Australian Finance Service License (AFSL) to issue cryptocurrency-friendly Visa cards. Additionally, the company bolstered its crypto card business to become a principal member of Visa in Australia.
Dubbed “Spending Power,” the program allows Crypto.com Visa cardholders the ability to use their cryptocurrency balance as loan collateral.
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