Crypto.com Malta licence is on the horizon and New Licences Boosts Crypto.com Profile for Professional and Non-professional Investors
Emerging crypto exchange crypto.com is set to gain traction after the Maltese government issue the first licences under 2018 cryptocurrency laws.
Having been launched in 2016, with headquarters in Switzerland, Crypto.com is set to make further gains among professional and amateur investors and traders, thanks to the granting of MFSA licencing. Our recent Crypto.com review revealed that the exchange already supports over 38 crypto coins and high-quality options – but November’s revelation that the company has been granted two financial licenses, from the Malta Financial Services Authority, is set to enhance the company’s market position.
Two New MFSA Licences to be gained by Crypto.com
The Malta Financial Services Authority (MFSA) is set to issue two licences to Crypto.com – pending final negotiations.
According to reports from 24 November 2020, the brand will be given a Financial Institution License and a Class 3 Virtual Financial Assets (VFA) License. What is the VFA Framework?
Financial Institution License: Facilitates Crypto.com to offer payment services and issue electronic money.
Class 3 VFA License: Enables Crypto.com to offer investment management products, custody and trading, to professional and amateur investors.
Crypto.com Malta licence development is good news for Malta’s crypto hub
In a broader sense, this development in Maltese crypto licencing, is exciting news for a location that’s already labelled as ‘blockchain island‘, by many industry experts. The latest news, is the manifestation of the regulatory infrastructure, created in 2018 – and the move is likely to bolster the Maltese Government’s goals of becoming a global hub for the development of the blockchain and crypto industry.
The news of Crypto.com gaining MFSA licences, may also be something of a watershed moment for many crypto startups. With some crypto startups quitting Malta over the lack of regulatory progress since 2018’s initial framework was put in place, the licences granted to Crypto.com is likely to reaffirm the island’s as status as a big player in the future of crypto.
Crypto.com embracing innovative crypto adoption
Crypto.com is establishing itself as a leading-edge crypto platform, with its support of over 38 crypto coins giving it global appeal among professional and non-professional traders and investors. The progressive vision of the brand, means it’s no surprise that Crypto.com is set to become one of the primary digital currency companies, to gain multiple MFSA licences; the brand had previously been running its platform, via the transitory provisions of the Maltese VFA Act.
Crypto.com Metal Visa Card shows brand innovation
The co-founder of Crypto.com, CEO Kris Marszalek, envisages the company will now push on and gain further crypto licences in 2021. Correspondingly, the innovative goals of Crypto.com has already seen the company launch some futuristic concepts in the digital currency and crypto world – not least the creation and release of the world’s first free metal crypto-linked Visa card, which was mentioned in our recent Crypto.com exchange review. This futuristic concept, features up to 8% crypto cashback, airport lounge access, and rewards with brands such as Netflix, Spotify, Expedia and Airbnb.
The Maltese government is seemingly ready to make its move, to ensure the country leverages its exciting position as a hub for crypto and blockchain startups. Upon granting Crypto.com Malta licence, is a likely indicator of what to expect from the Malta regulator for 2021.
