{"id":9446,"date":"2021-07-11T09:54:09","date_gmt":"2021-07-11T09:54:09","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/crypto-com-becomes-maltas-first-licensed-digital-currency-exchange-to-offer-bank-transfers\/"},"modified":"2021-07-11T09:54:09","modified_gmt":"2021-07-11T09:54:09","slug":"crypto-com-becomes-maltas-first-licensed-digital-currency-exchange-to-offer-bank-transfers","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/crypto-com-becomes-maltas-first-licensed-digital-currency-exchange-to-offer-bank-transfers\/","title":{"rendered":"Crypto.com Becomes Malta\u2019s First Licensed Digital Currency Exchange to Offer Bank Transfers"},"content":{"rendered":"

The digital asset trading platform Crypto.com has announced the firm has become the first global cryptocurrency exchange to obtain an Electronic Money Institution (EMI) license from the Malta Financial Services Authority (MFSA). According to the announcement, Crypto.com\u2019s EMI license will allow the firm to issue cards and bank transfers to consumers in the region.<\/strong><\/p>\n

Crypto.com Receives the First EMI License from Malta<\/h2>\n

Crypto.com details in its latest announcement that the digital asset exchange has been 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 revealed the EMI license has been approved and the company believes it is a \u201cwatershed moment for the cryptocurrency industry.\u201d Working with the MFSA, Crypto.com notes that it aims to provide a \u201ccompliant crypto trading environment.\u201d<\/p>\n

\u201cWe have been committed from day-one to building a fully regulated business,\u201d Kris Marszalek, the cofounder and CEO of Crypto.com, explained in a statement. \u201cWorking with regulators is the best way to fulfill our mission of accelerating the world\u2019s transition to cryptocurrency. Being the first global cryptocurrency platform to receive an EMI License from the MFSA is a major milestone for the industry as a whole.\u201d<\/p>\n

<\/p>\n

Blockchain Island\u2019s Tumultuous Experience With Global Regulators<\/h2>\n

Malta has been considered a hotspot for crypto companies and has even been dubbed \u201cBlockchain Island.\u201d In April 2020, however, one report <\/a>estimated roughly 70% of crypto companies had not sought licensure from the MFSA. At the time, no digital asset company received a license and only 26 companies had applied.<\/p>\n

Just recently, the Financial Action Task Force (FATF) held a confidential meeting<\/a> and was critical of the island nation of Malta. Government sources said that more than $70 billion moved through the country over past years when regulations were lax. However, the same report noted crypto industry executives disagreed with FATF\u2019s $70 billion estimate.<\/p>\n

Within Crypto.com\u2019s MFSA licensure announcement, the exchange also explained how it secured an Australian Financial Service License (AFSL) last year in December. Crypto.com also obtained a Principal Membership with Visa in March 2021. Following the AFSL licensure, the company also said it would be offering Crypto.com Visa Cards in the near future.<\/p>\n

What do you think about Crypto.com obtaining an EMI License from the MFSA? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nExchanges, Blockchain, blockchain island, crypto exchanges, Crypto.com, Crypto.com exchange, EMI License, malta, malta financial services authority, Malta License, MFSA<\/p>\n","protected":false},"excerpt":{"rendered":"

The digital asset trading platform Crypto.com has announced the firm has become the first global cryptocurrency exchange to obtain an Electronic Money Institution (EMI) license from the Malta Financial Services Authority (MFSA). According to the announcement, Crypto.com\u2019s EMI license will allow the firm to issue cards and bank transfers to consumers in the region. Crypto.com…<\/p>\n","protected":false},"author":0,"featured_media":9447,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9446"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9446"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9446\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9447"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}