Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crypto.com Lands Crypto’s First Class 3 VFA Licence in Malta

CryptocurrencyMay 12, 2021 05:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Crypto.com Lands Crypto’s First Class 3 VFA Licence in Malta

  • Crypto.com is the first crypto platform to receive a Class 3 VFA license
  • The license is issued by the MFSA of Malta, an EU member country
  • Crypto.com also holds an AFSL license from Australian

Crypto.com has made history by becoming the first cryptocurrency platform to get a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority (MFSA).

Crypto.com co-founder and CEO Kris Marszalek noted,

“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.”

Notably, MFSA subjects Class 3 VFA applicants to a rigorous vetting process. As such, Crypto.com met the stringent security, governance, and compliance requirements to earn the license. Also, since Malta is a European Union member, the license means that Crypto.com can now provide its services to an even wider user group.

In fact, Malta is one of the few European countries that are pioneering the implementation of clear crypto regulations. As a result, Crypto.com users can enjoy greater peace of mind knowing the platform adheres to applicable local and international laws as per the new license. As stated by Marszalek, this in turn will help accelerate global mainstream crypto adoption.

Previously, Crypto.com was operating under the Virtual Financial Assets Act in Malta. However, Crypto.com reportedly worked closely with the Malta regulators to receive the Class 3 VFA License.

To clarify, with a Class 3 VFA License, Crypto.com can now provide services to both novice and expert traders. The services will include executing orders on the behalf of users, serving as an asset custodian, and acting as a dealer.

Notably, Crypto.com also holds an Australian Financial Service License (AFSL) which the platform received at the end of 2020. The platform used its AFSL license to attain Principal Membership with Visa (NYSE:V) in March 2021. As a result, Crypto.com will soon be issuing Crypto.com Visa Cards to the Australian public.

This article was first published on coinquora.com

Continue reading on CoinQuora

Crypto.com Lands Crypto’s First Class 3 VFA Licence in Malta
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email