- 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
