Crypto.com, a digital asset trading platform, announced that the company has become the first global cryptocurrency exchange to be licensed by the Maltese Financial Services Authority (MFSA) Electronic Money Agency (EMI). According to the announcement, Crypto.com’s EMI license will allow the company to issue cards and bank transfers to consumers in the region.
Crypto.com obtains the first EMI license from Malta
Crypto.com detailed in its latest announcement that the digital asset exchange has been working closely with the MFSA. Two months ago, the exchange obtained the Type 3 Virtual Financial Assets (VFA) license issued by the MFSA. On Friday, the trading platform revealed that the EMI license has been approved, which the company believes is “a watershed moment in the cryptocurrency industry.” Crypto.com collaborated with MFSA, stating that it aims to provide a “compliant crypto trading environment.”
Kris Marszalek, the co-founder and CEO of Crypto.com, explained in a statement: “We have been committed to building a fully regulated business from the beginning.” “Cooperating with regulators is to enable us to accelerate the world to crypto. The best way for the mission of currency transition. Being the first global cryptocurrency platform to obtain an EMI license from the MFSA is an important milestone for the entire industry.”
The turbulent experience of Blockchain Island and global regulators
Malta has always been considered a hot spot for crypto companies, and even known as the “blockchain island”. However, in April 2020, a report estimated that approximately 70% of encryption companies did not seek permission from the MFSA. At that time, no digital asset company obtained a license, only 26 companies applied.
Just recently, the Financial Action Task Force (FATF) held a confidential meeting and was critical of the island nation of Malta. Government sources said that over the past few years, more than US$70 billion of funds have flowed through the country despite lax regulations. However, the same report pointed out that executives in the encryption industry disagree with FATF’s $70 billion estimate.
In Crypto.com’s MFSA license announcement, the exchange also explained how it obtained the Australian Financial Services License (AFSL) in December last year. Crypto.com also received Visa’s primary membership in March 2021. After obtaining the AFSL license, the company also stated that it will provide the Crypto.com Visa card in the near future.
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