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- Crypto.com, a digital asset trading platform, has been granted an Electronic Money Institution (EMI) license by the Malta Financial Services Authority, making it the first cryptocurrency exchange in the world to do so
- According to one estimate, over 70% of crypto companies have not filed for an MFSA license as of April 2020. At the time, no digital asset business had obtained a license, and just 26 companies had applied
- Visa also approved Crypto.com Principal Membership in March 2021. Following the AFSL clearance, the company stated that Crypto.com Visa Cards will be available soon
Crypto.com, a digital asset trading platform, has announced that it has received an Electronic Money Institution (EMI) license from the Malta Financial Services Authority, making it the first worldwide cryptocurrency exchange to do so (MFSA). Crypto.com’s EMI license, according to the statement, would allow the company to issue cards and bank transfers to customers in the region. In a recent release, Crypto.com stated that the digital asset exchange has been working closely with the MFSA.
The MFSA granted the exchange a Class 3 Virtual Financial Assets (VFA) license two months ago. The trading site announced on Friday that the EMI license had been obtained, calling it a watershed moment for the cryptocurrency industry. Crypto.com states that it works with the MFSA to create a compliant crypto trading environment.
Kris Marszalek, the founder, and CEO of Crypto.com stated in a statement that they have been committed to establishing a fully regulated firm from the beginning. Working with authorities is the most effective method for us to achieve our goal of hastening the world’s shift to cryptocurrency. Being the first worldwide cryptocurrency platform to be granted an EMI License by the MFSA is a significant achievement for the whole sector. Malta has been called Blockchain Island since it is a hotbed for crypto businesses. However, as of April 2020, one analysis predicted that about 70% of crypto businesses had not applied for an MFSA license. No digital asset firm had acquired a license at the time, and only 26 companies had applied.
The Financial Action Task Force (FATF) recently conducted a closed-door conference in which it criticized the island nation of Malta. According to government sources, nearly $70 billion passed through the nation in previous years when rules were weak. However, crypto sector officials disagreed with the FATF’s $70 billion projection, according to the same source.
The announcement of Crypto.com’s MFSA licensure also detailed how the exchange obtained an Australian Financial Service License (AFSL) in December of last year. In March 2021, Crypto.com was also granted Principal Membership by Visa. Following the AFSL approval, the firm announced that it will soon be issuing Crypto.com Visa Cards. According to an emailed release on Thursday, the Hong Kong-based exchange is the first crypto platform to acquire an EMI license from the Malta Financial Services Authority (MFSA).
The exchange will be able to accept payment cards and bank transfers in the Mediterranean country as a result of the license. After receiving preliminary clearance in November, Crypto.com was awarded a Class 3 Virtual Financial Assets (VFA) license in May.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
