Cryptocurrency payment platform Crypto.com is one of the first to receive licensing approval from the Malta Financial Services Authority (MFSA), the company representatives said.
We’re excited to become one of the first cryptocurrency platforms to receive in-principle approvals for
➕ A Class 3 Virtual Financial Assets (VFA) License; and
➕ A Financial Institution License
from the Malta Financial Services Authority.
— Crypto.com (@cryptocom) November 24, 2020
As an MFSA-licensed financial institution, Crypto.com will be able to offer payment services and issue electronic money.
The license in the field of virtual financial assets (VFA) of the third class allows to provide investment management, storage, and trading services for cryptocurrencies for both professional and non-professional investors.
Licenses are provisional. Crypto.com CEO Kris Marszalek explained that they will become full after meeting a number of MFSA requirements, but declined to clarify those requirements.
Marszalek noted that the licenses will help the company prepare for the entry into a framework for cryptocurrencies called Markets in Crypto-Assets (MiCA)