Crypto.com Takes Steps Toward Financial Licensure in Malta

Crypto.com is trying to expand its Maltese financial licenses across Europe in search of a competitive advantage.
The Hong Kong-based crypto firm received preliminary approval from the Malta Financial Services Authority (MFSA) for two financial licenses that govern how payment companies operate and what services they can provide.
Crypto.com could soon offer payment services and issue e-money as a licensed financial institution with MFSA oversight. Additionally, as one of the first to hold a Class 3 Virtual Financial Asset License from Malta, the company could execute, hold, and handle clients' crypto assets in-house.
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For the time being, however, the licenses are only granted in principle. Kris Marszalek, chief executive of Crypto.com, told CoinDesk that they will receive full licenses once the company meets a number of MFSA conditions. He refused to elaborate on these conditions or when they will be met.
Suppose Crypto.com could be well positioned to operate on a continental block while the crypto licensing system expands. The European Commission recently proposed a comprehensive framework for cryptocurrencies called Markets in Crypto-Assets (MiCA) that would affect the entire European Union.
State-level crypto-regulatory action has generally been more difficult to take. But Marszalek said Malta was one of the few countries with "clear rules on crypto". In particular, Binance is said to have been based in Malta until the MFSA announced in February 2020 that the crypto switching center was "not authorized" to operate there.
The licenses "give us a competitive advantage over unlicensed companies." In addition, it "could potentially involve us in the pan-European digital asset legislation that is currently under review," Marszalek said.
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Crypto.com is taking steps towards financial licensing in Malta
Crypto.com is taking steps towards financial licensing in Malta
Crypto.com is taking steps towards financial licensing in Malta

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