The renowned mobile platform for purchasing and selling crypto assets, Crypto.com, has become the primary crypto firm to receive Malta’s Class 3 Virtual Financial Assets license.
The license was granted by the MFSA [Malta Financial Services Authority], paving the way for broader recognition of virtual assets throughout the EU. As a licensed Class 3 VFA Service Provider, Crypto.com is subject to more rigorous governance, compliance as well as security requirements.
Prior to obtaining the VFA license, Crypto.com was operating beneath a transitory legal framework in Malta. The Mediterranean nation is one among a little number of European Union jurisdictions to possess developed clear regulatory guidelines for crypto assets.
The co-founder and CEO of Crypto.com, Kris Marszalek, outlined his company has “long believed that building a totally regulated business is among the best way to accelerate the world’s transition to cryptocurrency, explaining:
“Being the primary global cryptocurrency platform to receive a category 3 VFA License from the MFSA might be a leading milestone for the industry as an entire. We are proud to steer the industry in regulatory compliance, ensuring consumer safety and protection within the EU and appearance forward to securing licenses in every nation we operate in.”
Crypto.com has quickly emerged together of the leading platforms for digital asset trading, with active users hitting 5 Mln earlier in October last year. The firm is targeting 15 Mln users by the end of 2021 and 100 Mln within five years. The firm has also reported more active utilization of its Visa cards, especially for everyday essentials like groceries along with several other services.