Crypto.com becomes first cryptocurrency platform to receive MFSA Class 3 license
Crypto.com has become the first cryptocurrency company to receive ‘Class 3 Virtual Financial Assets license’ from Malta Financial Services Authority.
The license was granted by the MFSA, paving the way for broader recognition of digital assets throughout the European Union. As a licensed Class 3 VFA Service Provider, Crypto.com is subject to more rigorous governance, compliance, and security requirements.
Crypto.com was operating under a transitory legal framework in Malta, prior to obtaining the VFA license. The tiny Mediterranean nation is one of a small number of European Union jurisdictions to have developed clear regulatory guidelines for cryptocurrencies.
The co-founder and CEO of Crypto.com, Kris Marszalek said the company has come a long way believing that developing a fully regulated business is the best way to accelerate the world’s transition to cryptocurrency. He said:
“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.”
Crypto.com has become quickly emerging as one of the largest platforms for digital asset trading as hitting 5 million active users in October 2020. The company is targeting 15 million users by the end of 2021 and 100 million within five years. The company has also reported more active utilization of its Visa cards, especially for everyday essentials like groceries.