Crypto.com Approved to Offer Bank Transfers in Malta
Crypto.com will use the license to issue payment cards and offer customers direct bank transfers.
Key Takeaways
- Crypto.com is the first cryptocurrency firm to acquire Malta's Electronic Money Institution (EMI) license.
- The license permits the firm to issue payment cards and offer bank transfers to customers in the European island nation.Â
- Regulatory concerns have characterized the last few months in crypto, with Binance suffering facing intense scrutiny from several official bodies.
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Crypto payments firm Crypto.com has acquired an Electronic Money Institution (EMI) License from the Malta Financial Services Authority.
Crypto.com Wins EMI License
Crypto.com has received an Electronic Money Institution License, the company announced Thursday.
The EMI License, granted under Crypto.com’s legal name Forix Dax, permits the firm to issue payment cards and offer bank transfers to customers in the European island nation. Crypto.com is the first crypto firm to receive the license.
The blog post notes how the firm worked closely with the Malta Financial Services Authority (MFSA) to get the license. Furthermore, the company said it plans to be fully compliant with applicable laws governing the cryptocurrency sector in the various countries it operates in.
Speaking of the update, Crypto.com co-founder and CEO Kris Marszalek said:
“We have been committed from day one to building a fully regulated business. Working with regulators is the best way to fulfill our mission of accelerating the world’s 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.”
The EMI is not the first license Crypto.com had to apply for to operate in Malta. In May 2021, it also became the first global cryptocurrency firm to receive a Class 3 Virtual Financial Assets (VFA) License, which lets the company offer cryptocurrency trading services to Maltese clients.
While Malta is known for being relatively crypto-friendly, it enforces strict regulations on its financial sector. In Malta, all banking and financial firms, including those in the cryptocurrency space, need to acquire a varied range of licenses to offer their services.
Many regulators around the world have taken steps towards implementing a regulatory framework on cryptocurrencies. In such scenarios, acquiring appropriate licenses is key for crypto businesses willing operate within the EU-governed jurisdictions.
Binance, another major crypto firm offering an exchange and trading service, has faced a grilling from regulators recently. Several official bodies around the world have warned against using the exchange, while U.K. banks have started to prevent customers from accessing some of the exchange’s services. While many countries appear to have concerns with Binance and the broader crypto space, Malta is embracing the technology.
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