Crypto.com, a digital asset trading platform, has announced that it has received an Electronic Money Institution (EMI) license this will allow the company to issue cards and bank transfers to customers in the region.
In a recent announcement, Crypto.com stated that the digital asset exchange has been working closely with the MFSA. The MFSA granted the exchange a Class 3 Virtual Financial Assets (VFA) license two months ago.
The trading site announced on Friday that the EMI license had been obtained, calling it a “watershed moment for the cryptocurrency industry.” Crypto.com says it will work with the MFSA to establish a “compliant crypto trading environment.”
In a statement, Kris Marszalek, the founder and CEO of Crypto.com, said, “We have been committed from day one to developing a completely regulated firm.”
“Collaborating with authorities is the most effective approach for us to achieve our goal of hastening the world’s transition to cryptocurrency.
Being the first global cryptocurrency platform to be granted an EMI License by the MFSA is a significant achievement for the entire industry.”
Malta has been termed “Blockchain Island” because of its popularity with crypto companies. However, as of April 2020, one analysis projected that around 70% of crypto companies had not acquired MFSA licensure. No digital asset company had gotten a license at the time, and only 26 companies had applied.
The Financial Action Task Force (FATF) recently convened a closed-door conference in which it criticized the island nation of Malta.
According to government sources, nearly $70 billion passed through the country in previous years when controls were slack. However, crypto sector officials disagreed with the FATF’s $70 billion projection, according to the same source.
The announcement of Crypto.com’s MFSA licensure also detailed how the exchange obtained an Australian Financial Service License (AFSL) in December of last year.
In March 2021, Crypto.com was also granted Principal Membership by Visa. Following the AFSL approval, the company announced that it would soon be providing Crypto.com Visa Cards.
