Crypto.com Receives Pre-Approval For Financial Licenses From Malta Regulator

Hong Kong Company Crypto.com enlisted the preliminary approval of the Malta Financial Services Management (MFSA) for two licenses, regulating the work of payment companies in the EU.

Soon Crypto.com can start offering payment services and issuing electronic Money as a licensed financial institution under the supervision of MFSA. Besides, She will be able to store and process customer crypto acts within the company, Having become one of the first holders of license to work with virtual financial assets of the third class in Malta.

CRYPTO.com CEO Chris Marslek (Kris Marszalek) said, that the company will receive full licenses, when it fulfills a number of MFSA conditions. He refused to report, what are these conditions and when they are fulfilled. In case of success, Crypto.com can get good opportunities for doing business in the EU.

Recall, that the European Commission is developing a bill on European crypto -acting markets (MiCA), which contains general rules for the release and turnover of cryptocurrencies, tokens and stablecoins. TO 2024 year, the EU plans to fully use the possibility of cryptocurrencies and blockchain, So, For these industries, it will be necessary to develop a comprehensive legal basis.

“Licenses will give us a competitive advantage over unlicensed firms. As soon as the Mica is accepted throughout Europe, We will be able to get the opportunity to simplified work in the framework of the new regulation ", - noted Marsealek.

Recall, that in March, the financial regulator of Malta issued warnings against two cryptocurrency exchanges, whose operators falsely, that have a license to work in the country. Besides, Recently, Malta approved the first regulated public placement of tokens in the country.