Crypto.com Receives In-Principle Approvals for a Financial Institution License and a Class 3 VFA License
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Crypto.com is proud to announce that it has become one of the first cryptocurrency platforms to receive in-principle approvals for a Financial Institution License and a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority. To date Crypto.com has been operating under the transitory provisions of the Virtual Financial Assets Act in Malta and has worked closely with the regulator to achieve these important milestones. Malta is one of the few jurisdictions in the EU that have developed a clear digital assets regulatory framework to protect investors. Fulfilling the conditions and the on-going obligations of the applicable local and international laws and regulations is a proof of Crypto.com’s commitment to provide a secure and compliant crypto trading environment , protecting users’ fiat and crypto funds, across the world.
A Class 3 VFA License authorizes Crypto.com to provide the following services to experienced and non-experienced investors:
Execution of orders on behalf of other persons;
Custodian or Nominee Services; and
Dealing on own account.
A Financial Institution License allows Crypto.com to offer payment services and issue electronic money.
Kris Marszalek, Co-founder and CEO of Crypto.com said:
“We have a long-standing commitment to building a fully regulated business in every market we operate in. Being one of the first cryptocurrency platforms to receive in-principle approval for a Class 3 VFA License and a Financial Institution License is an important milestone and we look forward to securing licenses in more markets throughout 2021.”
About Crypto.com
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Crypto.com serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Visa Card, the Crypto.com Exchange and Crypto.com DeFi Wallet.
Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks. Crypto.com is headquartered in Hong Kong with a 600+ strong team.
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