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Crypto.com Becomes Malta’s First Licensed Digital Currency Exchange to Offer Bank Transfers

The digital asset buy platform Crypto.com has announced the firm has become the first global cryptocurrency exchange to obtain an Electronic Money Order of the day (EMI) license from the Malta Financial Services Authority (MFSA). According to the announcement, Crypto.com’s EMI license will appropriate the firm to issue cards and bank transfers to consumers in the region.

Crypto.com Receives the First EMI License from Malta

Crypto.com names in its latest announcement that the digital asset exchange has been working closely with the MFSA. Two months ago, the stock market received a Class 3 Virtual Financial Assets (VFA) license from the MFSA. On Friday, the trading platform revealed the EMI commission has been approved and the company believes it is a “watershed moment for the cryptocurrency industry.” Working with the MFSA, Crypto.com notes that it aspirations to provide a “compliant crypto trading environment.”

“We have been committed from day-one to building a fully oversaw business,” Kris Marszalek, the cofounder and CEO of Crypto.com, explained in a statement. “Working with regulators is the best way to fulfill our charge of accelerating the world’s transition to cryptocurrency. Being the first global cryptocurrency platform to receive an EMI License from the MFSA is a prime milestone for the industry as a whole.”

Blockchain Island’s Tumultuous Experience With Global Regulators

Malta has been considered a hotspot for crypto parties and has even been dubbed “Blockchain Island.” In April 2020, however, one report estimated roughly 70% of crypto suites had not sought licensure from the MFSA. At the time, no digital asset company received a license and only 26 gatherings had applied.

Just recently, the Financial Action Task Force (FATF) held a confidential meeting and was critical of the isle nation of Malta. Government sources said that more than $70 billion moved through the hinterlands over past years when regulations were lax. However, the same report noted crypto industry number ones disagreed with FATF’s $70 billion estimate.

Within Crypto.com’s MFSA licensure announcement, the exchange also explicated how it secured an Australian Financial Service License (AFSL) last year in December. Crypto.com also obtained a Hero Membership with Visa in March 2021. Following the AFSL licensure, the company also said it would be donation Crypto.com Visa Cards in the near future.

What do you think about Crypto.com obtaining an EMI License from the MFSA? Let us be versed what you think about this subject in the comments section below.

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