Digital asset trading platform Crypto.com has announced that it has become the first global cryptocurrency exchange to receive an e-money institution (EMI) license from the Malta Financial Services Authority (MFSA). According to the announcement, Crypto.com’s EMI license will enable the company to issue cards and bank transfers to consumers in the area.
Crypto.com receives first EMI license from Malta
Crypto.com detailed in its recent announcement that the digital asset exchange has worked closely with the MFSA. Two months ago, the exchange received a Class 3 Virtual Financial Assets (VFA) license from the MFSA. On Friday, the trading platform announced that the EMI license had been approved and the company believes this is a “turning point for the cryptocurrency industry.” Working with the MFSA, Crypto.com states that it aims to provide a “Compliant Crypto Trading Environment”.
“We were committed to building a fully regulated business from day one,” said Kris Marszalek, co-founder and CEO of Crypto.com, in a statement. “Working with regulators is the best way to accomplish our mission to accelerate the global transition to cryptocurrency. Being the first global cryptocurrency platform to receive an EMI license from the MFSA is an important milestone for the entire industry. “
Blockchain Island’s turbulent experiences with global regulators
Malta is considered a hotspot for crypto companies and has even been referred to as “Blockchain Island”. However, in April 2020, a report estimated that around 70% of crypto companies had not applied for a license with the MFSA. At that point, no digital asset company was licensed and only 26 companies had applied.
The Financial Action Task Force (FATF) recently held a confidential meeting and criticized the island nation of Malta. Government sources said that more than $ 70 billion has flowed through the country in recent years when regulations have been lax. However, the same report found that crypto industry executives disagreed with the FATF’s $ 70 billion estimate.
In Crypto.com’s MFSA license announcement, the exchange also explained how it secured an Australian Financial Services License (AFSL) in December last year. Crypto.com also received a primary membership with Visa in March 2021. Following the AFSL license, the company also announced that it would offer Crypto.com Visa Cards in the near future.
What do you think of Crypto.com getting an EMI license from the MFSA? Let us know what you think on this matter in the comments below.
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