Crypto.com, which is a cryptocurrency exchange and a debit card provider, has received a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority (MFSA).
Announced on Wednesday, this license will allow the company to offer services like the execution of orders on behalf of other persons, custodian or nominee services and dealing on its own account.
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The crypto company received in-principle approval from the MFSA last November for a Financial Institution License, which is still in process. If approved, that will allow the company to offer payment services and issue electronic money.
“We have long believed that building a fully regulated business is the best way to accelerate the world’s transition to cryptocurrency,” said, Kris Marszalek, Crypto.com Co-Founder and CEO.
“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.”
Becoming a Well-Licensed Crypto Company
Crypto.com is focusing on regulations a lot to capture the global cryptocurrency market. It acquired the Card Group last December to gain an Australian Financial Services (AFS) license, which has allowed the company to operate legally in Australia. Additionally, the Hong Kong-based company bolstered its crypto card business, becoming a principal member of Visa in Australia.
Further, Crypto.com is positioning its brand at a global level and signed a few high-profile sponsorship deals. Finance Magnates earlier reported that Crypto.com has become the sponsor of British luxury car manufacturer, Aston Martin’s Formula One team.