Crypto.com Gains Class 3 VFA License From Maltese Financial Authorities

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In Brief
  • Crypto.com is the first crypto platform to be granted a Class 3 Virtual Finance Assets license.

  • Malta's financial authorities have now permitted the platform to execute orders on a trader's behalf, among other services.

  • Final approval for Crypto.com's Financial Institution License is still being processed by Maltese authorities.

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Crypto.com has reportedly become the first cryptocurrency platform ever to get a Class 3 VFA License. A license issued by financial authorities in Malta.

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On May 12, Crypto.com posted a tweet stating their pride at this historic moment. They linked to a post on the company blog page, which outlined the license in more detail. The post described the event as “a watershed moment for the cryptocurrency industry.”

The Class 3 Virtual Financial Assets (VFA) License reinforces the relationship between Crypto.com and the Malta Financial Services Authority (MFSA). Now, affording the platform’s users with better protection under a definitive regulatory framework.

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Prior to the issuance of this license, the crypto platform had adhered to Malta’s Virtual Financial Assets Act, and worked closely with the MFSA ever since.

A strict set of conditions

The license allows Crypto.com to provide services to users trading at both beginner and expert levels. Services such as executing orders on a trader’s behalf, or serving in the role of dealer on their own account. 

As one of the few countries in the European Union with a clear regulatory framework when it comes to cryptocurrency, the MFSA had a strict set of conditions for Crypto.com to meet before granting the license. Meeting those conditions gives the platform what it describes as “proof of [its] commitment to provide a secure and compliant crypto trading environment.”

Crypto.com is still waiting on a final decision from the MFSA regarding another certification. Namely, a Financial Institution License. The platform received its in-principle approval from the Maltese regulator back in November 2020.

According to Crypto.com’s latest blog post, the final approval over this license, which will allow the platform to issue electronic money and offer payment services, is still being processed.

Crypto.com’s other activities

Malta is not the only relationship Crypto.com has been carefully cultivating recently. The cryptocurrency platform forged a partnership in Italian soccer, last week. A partnership officially launching with the Hong Kong-based exchange sponsoring the Coppa Italia final between Atalanta and Juventus.

While this is by no means a first for Crypto.com in terms of sponsorship deals in sport, their partner, Lega Serie A, expressed pride at being “the first football league to step into the world of cryptocurrency.” A collection of NFTs will commemorate the collaboration. The series will reportedly feature match highlights and the trophy among other things.

Prior to this, Crypto.com has also collaborated with the Aston Martin Cognizant Formula One Team, also with a collection of NFTs. In addition, back in March, they partnered with hockey team The Montreal Canadiens.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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