With the global recognition of the crypto-blockchain industry, crypto-exchanges are also gaining mainstream recognition. In the running year, more than 90 percent of the cryptocurrency exchanges have reported growth in their business. The exchanges have reported that their user-base has doubled as well as their investment volume.
Just recently, crypto.com has been recognized as a legal entity by the Maltese government. Crypto.com is one of the major cryptocurrency exchanges and is also known for being a debit card provider. The cryptocurrency exchange just announced that it has received regulatory approval from the Maltese Government.
The decision of granting regulatory approval to crypto.com has been approved by the Malta Financial Services Authority (MFSA) on the 24th of November, 2020.
However, it has been clarified that the Malta Financial Services Authority has granted approval on two different financial licenses. The name of the first financial license approved by the Malta Financial Services Authority is ‘Class 3 Virtual Financial Assets (VFA) License.
The name of the second financial license approved by the Malta Financial Services Authority (MFSA) is the ‘Financial Institution License’.
In regards to the recent update, the Maltese Government also made an announcement to further clarify its stand-point around the Crypto.com exchange. The Maltese government has announced that it will be setting up a series of conditions for the crypto.com exchange.
Once the crypto.com exchange is able to meet all the conditions that are when it will grant permission to the exchange to operate in the country. Once the exchange has permission to operate, it will be able to provide services to users such as issuing electronic money and payment services.
With the help of the Class 3 VFA License, the crypto.com exchange will be able to provide trading services to non-professional as well as professional investors. With the initiation of the first phase of services, the crypto.com exchange would be able to offer both types of investors’ custody and management services.
On top of that, the Maltese Government has announced that the crypto.com exchange is the first-ever crypto-entity to have received regulatory approval from the MFSA.