Crypto.com News: Crypto asset trading platform Crypto.com has announced that the firm is the first global cryptocurrency exchange to receive an Electronic Money Authority (EMI) license from the Malta Financial Services Authority (MFSA). According to the announcement, Crypto.com’s EMI license will allow the firm to issue cards and wire transfers to consumers in the region.
Crypto.com receives first EMI license from Malta
Crypto.com detailed in its latest announcement that it is working closely with the MFSA. Two months ago, the exchange received a Class 3 Virtual Financial Assets (VFA) license from the MFSA. On Friday, the trading platform announced that the EMI license has been approved, and the company believes it is a “turning point for the cryptocurrency industry.” Working with the MFSA, Crypto.com states that it aims to provide a “harmonious crypto trading environment.”
Kris Marszalek, co-founder and CEO of Crypto.com, said in a statement:
We are committed to building a fully regulated business from day one. Working with regulators is the best way to fulfill our mission to accelerate the world’s transition to cryptocurrency. Being the first global cryptocurrency platform to receive an EMI License from the MFSA is an important milestone for the industry as a whole.
Blockchain island’s complex experience with global regulators
Malta has been considered a hotspot for crypto companies and has even been dubbed the “Blockchain Island”. But in April 2020, a report estimated that around 70% of crypto companies do not request licenses from the MFSA. At that time, no digital asset companies had received a license, and 26 companies had applied.
Recently, the Financial Action Task Force (FATF) held a secret meeting and criticized the island nation of Malta. Government sources said more than $70 billion had been moved in the country in recent years when regulations were lax. However, the same report noted that crypto industry executives disagreed with the FATF’s $70 billion estimate.
As part of Crypto.com’s MFSA license announcement, the exchange also revealed how it secured the Australian Financial Services License (AFSL) in December last year. Crypto.com also acquired Master Membership with Visa in March 2021. Following the AFSL license, the company said it will also offer Crypto.com Visa Cards in the near future.