Victor Ugochukwu · Dec 14, 2020 . 5min read
Crypto.com receives regulatory approval from Malta’s MFSA
Crypto.com receives regulatory approval from Malta's MFSA via two financial licenses to offer payment services and issue e-money.
By Komal Joshi · Nov 24, 2020 . 5min read
Crypto.com, a cryptocurrency exchange, has secured prominent regulatory approvals from Malta’s government. In accordance with the official announcement, Crypto.com receives two financial licenses from the Malta Financial Services Authority (MFSA). The licenses involve a Financial Institution License and a Class 3 Virtual Financial Assets, or VFA, License. Although, the licenses are only awarded in-principle for now.
Crypto.com plans to offer payment services in Malta.
According to the announcement, the Financial Institution License allows Crypto.com to offer payment services and issue e-money. However, a Class 3 Virtual Financial Assets allows Crypto.com to provide investment management services, custody, and trading to both non-professional and professional investors. Furthermore, Crypto.com is one of the primary crypto firms to obtain these regulatory approvals from MFSA after approving VFA agents in 2019. Moreover, the firm expects to receive more regulatory approvals in various markets next year.
Recently, Crypto.com announced that residents from Canada can now apply for its Visa card. The company plans to dispatch cards to Canada by January 2021. Moreover, Crypto.com has launched visa cards across several locations globally in current years, and the exchange expects to profit from it by quickly growing into the Canadian market with the newest initiative.
Crypto.com launched its Visa card in Singapore in October 2018. The company grasped the limelight with the launch in the U.S. in July 2019. The recent destination for Crypto.com was Europe, as the platform provided its card services in the region in April this year. Moreover, the card has no annual or monthly fee, and users can withdraw from ATMs without any charges.
Malta is known for its positive approach towards cryptocurrency. Moreover, it has been actively functioning to introduce crypto regulations in the nation. Nonetheless, several industry startups reportedly had to flee the country because of the apparent lack of regulatory clarity, with the MFSA not publishing a single crypto license as of April 2020.
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