In what appears to be yet another milestone achievement for the crypto exchange, Crypto.com has recently shared the good news that will gladden the hearts of its users in Malta. The official announcement of the crypto exchange said that it had obtained two regulatory licenses from authorities in the European country.
The full details made available on the crypto exchange’s official blog announced that it has already received Maltas in-principle approval to operate as a financial institution in the country. Coming side by side with its first license, the crypto exchange noted that it has also received a Class 3 Virtual Financial Assets license from the Financial Services Authority in the country.
Crypto.com awarded licenses after being scrutinized by authorities
Crypto.com has been under the scrutiny of the Virtual Financial Assets Act in Malta days after it launched its services in the country. The crypto exchange boasts of a track record that shows that it has the best interest of its users at heart, hence ensuring that the platform is regulated. Because of this, Crypto.com has been working tirelessly with regulatory bodies to prove itself worthy of the recently granted licenses. With the license officially granted, it shows the vision and the hard work the crypto exchange has displayed in ensuring that regulations on its platform are top-notch.
Crypto enthusiasts have nicknamed Malta the ‘Blockchain Island’ as the country provides major crypto exchanges with massive mining advantages, drawing numerous exchanges into the country. The country is also famous for its favorable crypto regulations; hence, the ease of setting up shop in the country. Despite the countries like the United States of America being the cynosure of all eyes when the financial sector is concerned, most crypto exchanges have had to abandon the country due to its stringent measures on crypto-related operations.
Crypto.com CEO says receiving licenses is a huge milestone for the company
To support the rise of crypto activities in the country, Malta has created several crypto regulations that crypto exchanges in the country should follow. This regulatory framework puts Malta firmly in the lead as one of the go-to countries regarding crypto activities because of its clear cut regulations. With crypto.com earning these licenses in such a short amount of time shows that the crypto exchange has a priority for following rules and regulations on its platform. In the statement released, the crypto exchange received two essential licenses in the country. With the first license being the Class 3 Virtual License Act, the other is the Financial Institutional License.
An in-depth look into what both licenses offer the crypto exchange shows that it will carry out services such as facilitation of third party orders, nominee and custodial functions, and the ability to make payments across the country using electronic money. Giving his speech after the announcement, Chris Marszalek, the CEO of Crypto.com, noted that the platform is committed to following the rules and regulations of authorities while branding the licenses, an important achievement for the exchange.