The cryptocurrency payments platform Crypto.com has received approval from the Malta Financial Services Authority (MFSA) to obtain a Financial Institution License and a Class 3 Virtual Financial Assets (VFA) License, which will allow it to operate legally in the country.
We’re excited to become one of the first cryptocurrency platforms to receive in-principle approvals for
➕ A Class 3 Virtual Financial Assets (VFA) License; and
➕ A Financial Institution Licensefrom the Malta Financial Services Authority.
Details: https://t.co/pKvYBklAPR pic.twitter.com/aggGjAdAql
— Crypto.com (@cryptocom) November 24, 2020
As a licensed MFSA financial institution, Crypto.com will be able to offer payment services and issue electronic money.
A Class 3 Virtual Financial Assets (VFA) License allows investment management, safekeeping and trading of cryptocurrencies for both professional and non-professional investors.
The licenses are issued on a preliminary basis. Crypto.com CEO Kris Marsalek explained that they would become full after meeting a number of MFSA requirements, but declined to specify what those requirements were.
Marsalek noted that the licenses would help prepare for the enactment of the Markets in Crypto-Assets (MiCA) regulation.
As reported in September, the European Commission presented a preliminary version of MiCA.
In April, ForkLog reported that 26 of 83 Maltese regulator VFA license applications had been filed by companies that had previously shown interest.
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