Crypto.com becomes the First Cryptocurrency Platform to get Malta’s Class 3 Virtual Financial Assets License
Crypto.com, the popular mobile platform for trading digital assets, has become the first cryptocurrency company to get the license of Malta’s Class 3 Virtual Financial Assets. The Malta Financial Services Authority (MFSA) has granted the license to Crypto.com. It paved the way for broader recognition of digital assets throughout the European Union.
This online cryptocurrency platform is now subjected to more rigorous governance, compliance, and security requirements after receiving the license of Class 3 VFA Service Provider. Before receiving this license, Crypto.com was operating under Malta’s transitory legal framework. Malta is among a handful number of countries in the European Union that have developed clear regulatory guidelines for cryptocurrencies.
Crypto.com’s CEO and co-founder, Kris Marszalek, has said that he has believed for a long time that the world’s transition to cryptocurrency would be much faster with the creation of a fully regulated business. He went on to say that:
“Being the first global cryptocurrency platform to receive a Class 3 VFA License from the MFSA is a major milestone for the industry as a whole. We are proud to lead the industry in regulatory compliance, ensuring consumer safety and protection in the EU, and look forward to securing licenses in every country we operate in.”
The rise of Crypto.com has been fascinating. In October 2020, its active user count was 5 million. By the end of 2021, its target is to achieve a 15 million user count. In the next 5-years, Crypto.com wants its active user count to increase to a whopping 100 million. The company has shown a promising rise in Visa card’s active utilization, especially for groceries and other everyday essentials.
Reports say that Crypto.com has emerged as a principal member of the Visa network. It is looking for further expansion this year, especially in the fiat lending program. They have dubbed this program as “Spending Power”, providing Crypto.com Visa cardholders the ability to use their crypto balance as loan collateral.
Benefit from experienced traders with copy trading on NapBots https://NapBots.com 1 week free trial ! Discover more than 20 strategies dedicated to crypto-currencies, on the most liquid pairs (BTC, ETH …).NapBots allow novices to trade crypto easily and help traders save a lot of time! Bots work tirelessly to scan the markets and navigate through volatility to try to capture profitable trends.
