Crypto.com gets license from Malta Financial Services Authority

Cryptocurrency exchange Crypto.com announced that it has received a Financial Institution License along with a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority (MFSA).

According to the official announcement, the company becomes one of the first crypto platforms in the world to achieve such financial licenses from the MFSA. Malta introduced cryptocurrency laws in 2018 to regulate the market and since then, the European country created a clear regulatory framework for cryptocurrency platforms to operate under MFSA. Earlier this year, the Maltese authorities announced that the country was considering substantial measures towards the digital economy, including regulation of crypto platforms.

The Financial Institution License obtained by Crypto.com allows the company to offer payment services and issue electronic money. Through Class 3 VFA license, Crypto.com can offer order execution, custody services, and account dealing to experienced and non-experienced investors.

“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,” Kris Marszalek, Co-founder and CEO of Crypto.com, said in a statement.