Crypto.com Receives EMI License from MFSA

Fazzaco learned that cryptocurrency exchange Crypto.com has received an Electronic Money Institution (EMI) license from the Malta Financial Services Authority (MFSA). 

With the new license, Crypto.com will be able to issue cards and bank transfers to consumers in the region.

Wanna Know How to Reach Our Audience of Millions at Fazzaco?​

The digital asset exchange has been working closely with the MFSA. Back to May this year, Crypto.com announced that MFSA has granted the company a Class 3 Virtual Financial Assets (VFA) License. Let's recall that, in November 2020, the cryptocurrency exchange received an in-principle approval from the MFSA for a a Class 3 Virtual Financial Assets (VFA) License and Financial Institution License. To date Crypto.com has been operating under the transitory provisions of the Virtual Financial Assets Act in Malta and has worked closely with the regulator to achieve this important milestone. 

Kris Marszalek, the cofounder and CEO of Crypto.com, commented, "We have been committed from day-one to building a fully regulated business. Working with regulators is the best way to fulfill our mission of accelerating the world's transition to cryptocurrency. Being the first global cryptocurrency platform to receive an EMI License from the MFSA is a major milestone for the industry as a whole."

As Fazzaco reported earlier, Crypto.com has partnered with Circle to enable deposits and withdrawals through US dollars in more than 30 countries. Circle will help facilitate processing and storage of the fiat and then converting the deposits into stablecoin USDC at a 1:1 ratio. The process will take around three business days for traders to receive an equivalent amount of USDC in their Crypto.com account.