Posted 1 year ago | by Catoshi Nakamoto
Crypto.com is proud to announce that it has become the first global cryptocurrency platform to receive a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority (MFSA). This is a watershed moment for the cryptocurrency industry as regulatory bodies and trusted institutions come together to conduct business under the auspices of a regulated framework. Customers can now enjoy greater consumer protection when entrusting their assets to an EU licensed Class 3 VFA Service Provider that is subject to rigorous requirements of security, governance, and compliance.
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. 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:
- Execution of orders on behalf of other persons;
- Custodian or Nominee Services; and
- Dealing on own account.
Kris Marszalek, Co-founder and CEO of Crypto.com said: “We have long believed that building a fully regulated business is the best way to accelerate the world’s transition to cryptocurrency. Being the first global cryptocurrency platform to receive a Class 3 VFA License from the MFSA is a major milestone for the industry as a whole. We are proud to lead the industry in regulatory compliance, ensuring consumer safety and protection in the EU and look forward to securing licenses in every country we operate in.”
In November 2020, Crypto.com received an in-principle approval from the MFSA for a Financial Institution License, which is still in process. A Financial Institution License will allow Crypto.com to offer payment services and issue electronic money.
In December 2020 Crypto.com also secured an Australian Financial Service License (AFSL). The AFSL was secured via the acquisition of The Card Group Pty Ltd, which was approved by Australia’s Foreign Investment Review Board. In March 2021, after receiving Principle Membership with Visa, Crypto.com was granted the ability to issue Crypto.com Visa Cards directly to consumers in Australia, which will commence soon.
Original article published on Crypto.com’s blog.