coincodex.com
Key takeaways:
- Crypto.com receives an Electronic Money Institution license from Maltese financial authorities
- This makes Crypto.com exchange the first digital currency platform to manage to secure an EMI license
- The exchange is working hard with local authorities, which echoes the sentiment of its CEO, who believes this is the best path forward towards faster cryptocurrency adoption
Following yesterday’s announcement of signing a historic sponsorship deal with UFC, Crypto.com is again in the news, this time as the first cryptocurrency company to receive Electronic Money Institution (EMI) license from Malta Financial Services Authority (MFSA).
Working with local regulators was the reason for Crypto.com’s success story
According to Crypto.com CEO Kris Marszalek, this is just a first step for the cryptocurrency exchange, as the Hong Kong-based exchange aims to secure licenses in every country they operate in. Marszalek believes that the only path forward towards successfully transitioning the world to cryptocurrency is to work and cooperate with regulators.
“We have been committed from day one to building a fully regulated business. Working with regulators is the best way to fulfill our mission of accelerating the world’s transition to cryptocurrency.” - Kris Marszalek, CEO of Crypto.com
Crypto.com received the EMI license from the Maltese authorities two months after receiving a Class 3 Virtual Financial Assets (VFA) license from the MFSA, after been granted preliminary approval in November 2020. The license allows the company to offer payment cards and direct bank transactions to its customers in the Mediterranean country.
Past milestones and upcoming challenges
The cryptocurrency exchange was proud to announce that it managed to secure the Australian Financial Service License (AFSL) at the tail end of last year. Following that encouraging development, Crypto.com was able to start offering Visa services directly to its Australian clients.
At the moment, Crypto.com is looking to get regulatory approvals from additional countries. Securing a license in various European countries will probably prove to be a more difficult task than in crypto-friendly Malta. Nevertheless, with a clear vision, as communicated by its CEO, Crypto.com is bound to have continued success in the future.