Why a Virtual Financial Asset License Is a Winner for Noomi Wallet (and You)
Those immersed in the crypto world have undoubtedly heard of the tiny country of Malta and not for its scenic beaches or fascinating museums, but rather because the abbreviated archipelago in the Mediterranean Sea has become the first government to create official legislation that regulates cryptocurrency. Forging the future of blockchain technology and crypto banking, the Maltese government has recently established laws that set service standards for certain cryptocurrencies known as Virtual Financial Assets (VFA) which are designed to help the industry grow while also protecting its consumers.
In order to play on this newly formed field and become authorized to administer VFA services, a VFA License from the Maltese government must be obtained. While new crypto technologies and services emerge on a daily basis around the world, the most legitimate ones are keen to abide by Malta’s revolutionary regulations, understanding that placing safeguards to prevent fly-by-night companies from being able to make phony promises, take your capital, and disappear is good for everyone — particularly those who have invested in multiple cryptocurrencies and altcoins.
Understanding the Benefits of the New VFA License
Noomi, the multifaceted crypto-fintech wallet that launched earlier this year, is a cross-blockchain player that supports many different cryptocurrencies. They also act as a supernode operator for the CMT blockchain (CyberMiles) with plans to integrate with more blockchains in the future. Making it easy to invest and diversify your cryptocurrency no matter your capital amount, Noomi prevents users from needing a separate wallet for every coin or decentralized application (DApp) and also provides viable investment opportunities across multiple channels, including VFA. For Noomi, applying for the VFA License is essential to establishing legitimacy in the increasingly saturated crypto banking market.
Noomi Wallet CEO Andrew Dao says, “We’re very serious about doing things the right way, and obtaining the VFA License is high on our priority list. We’ve submitted an official notice to the Maltese government of our intent and are actively preparing our application now. The license doesn’t only allow us to be seen as legitimate, it also gives us the ability to provide more lucrative investment opportunities to normal, everyday people — opportunities that have typically been reserved only for the rich — and leveling that playing field is something we think is at the core of why people worldwide are so interested in cryptocurrency and blockchain technology.”
Noomi Wallet is well on the path of being one of the first companies to apply for this new license through Malta’s newly-founded laws. By working with a team of industry professionals who are helping to set up protections for consumers, Noomi and the other forward-thinking companies are invested in doing what it takes to ensure that the cryptocurrency industry will continue to grow in positive directions.
