Friday, June 21, 2024
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HomeTechnologyCrypto.com receives approval for a Class 3 VFA License from the MFSA

Crypto.com receives approval for a Class 3 VFA License from the MFSA

Crypto.com is proud to announce that it has become one of the first cryptocurrency platforms to receive in-principle approvals for a Financial Institution License and a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority.

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 these important milestones. Malta is one of the few jurisdictions in the EU that have developed a clear digital assets regulatory framework to protect investors. Fulfilling the conditions and the on-going obligations of the applicable local and international laws and regulations is a proof of Crypto.com’s commitment to provide a secure and compliant crypto trading environment , protecting users’ fiat and crypto funds, across the world.

A Class 3 VFA License authorizes Crypto.com to provide the following services to experienced and non-experienced investors:

  1. Execution of orders on behalf of other persons;
  2. Custodian or Nominee Services; and
  3. Dealing on own account.

A Financial Institution License allows Crypto.com to offer payment services and issue electronic money.

Kris Marszalek, Co-founder and CEO of Crypto.com said: “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.

Crypto.com is headquartered in Hong Kong with a 600+ strong team and was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. It serves over 5 million customers today, providing them with a powerful alternative to traditional financial services.

Malta Business Agency supports your business project in the blockchain and cryptocurrency sectors.

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  • DISCLAIMER

    This article provides general information only and does not replace professional advice in any way. It is recommended to consult a qualified professional before making any important decisions regarding financial, legal or other matters. The author and the publication are not responsible for any errors or damages caused by the use of the information contained in this article.

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