Crypto.com achieves yet another major milestone. It has become one of the first crypto platforms to achieve two major licenses in Malta.
Crypto.com, in an official blog post, disclosed that it is now the recipient of Malta’s in-principle approval for a Financial Institution License. The platform has, furthermore, received a Class 3 Virtual Financial Assets (VFA) License from the MFSA (Malta Financial Services Authority).
Following its launch in Malta, the crypto fintech platform has been under the supervision of the Virtual Financial Assets Act in Malta. Crypto.com is also well-known for its unwavering interest in ensuring its platform is regulated. With this in mind, the firm has worked hand-in-hand with regulatory bodies. Obtaining these licenses is proof of the crypto firm’s focus on ensuring top-notch regulations on its platform.
Malta’s Regulatory Climate
The island country of Malta has been lauded as “Blockchain Island.” The country is known for its favorable stance on cryptocurrency and blockchain. Many crypto and blockchain firms have had to move from regulatory-constraining locations like the United States to more crypto-friendly nations, such as Malta. However, to support smooth crypto-based activities as well as protect investors, the country has outlined several important crypto regulations. This regulatory framework makes Malta one of the few EU countries with clear-cut crypto regulations.
Receiving these licenses by the Maltese government is a pointer to Crypto.com’s priority of being regulatory compliant.
Details on the Licenses
Notably, the crypto fintech platform obtained two very important Maltese licenses. The first is a Class 3 VFA in-principle approval, while the second is a Financial Institution License.
Both licenses provide Crypto.com with approval to carry out several important functions, namely:
- Carrying out third party orders.
- Nominee and custodial functions.
- The ability to issue electronic money and offer payment services.
Crypto.com further confirmed this announcement via Twitter.
We're excited to become one of the first cryptocurrency platforms to receive in-principle approvals for
➕ A Class 3 Virtual Financial Assets (VFA) License; and
➕ A Financial Institution License
from the Malta Financial Services Authority.
— Crypto.com (@cryptocom) November 24, 2020
Speaking on the announcement, Crypto.com CEO Kris Marszalek further iterated his platform’s commitment to regulatory compliance. Marszalek also added that receiving these licenses “is an important milestone.” The platform further disclosed that plans are in place to acquire more licenses in 2021.
Launched in 2016, Crypto.com is a popular crypto card issuing firm. The firm currently boasts of over 5 million users with top-notch features like its Crypto.com App, crypto Visa Card, DeFi wallet, its official exchange, and others. The platform also recently received an Adaptive (Tier 4) rating by the NIST Cybersecurity and Privacy frameworks. It is also the first-ever crypto firm to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013, and PCI:DSS 3.2.1, Level 1 compliance certifications.
At the time of writing, CRO was trading at $0.080185, with a market cap of $1,750,869,817 and a 24-hour trading volume of $79,207,623.
Find out more about the crypto fintech platform on the Altcoin Buzz YouTube channel.