One of the world’s most famous digital exchanges, Crypto.com, has become the first player in the market to get the level three license from regulators in Malta, allowing it to facilitate virtual financing assets.
The go-ahead from the country’s financial regulator is likely to pave the way for a wider mainstream adaptation of digital tokens in European Union. However, as the government-certified level three VFA service provider, the exchange is now under tougher regulations and compliances.
Before obtaining the license, the government in Malta allowed Crypto.com to operate under a transit procedure. But with the recent step from MFSA, the European nation became the first in the block to determine a comprehensive regulation for crypto assets.
The chief executive of the platform, Kris Marszalek, stated his belief that the best way to accelerate in the growing crypto market is to organize a fully regulated business. In October last year, the exchange became a major player in the market, with nearly five million registered users. Marszalek said,
Being the first global cryptocurrency platform to receive a Class 3 VFA License from the MFSA is a major milestone for the industry as a whole. We are proud to lead the industry in regulatory compliance, ensuring consumer safety and protection in the EU and look forward to securing licenses in every country we operate in.
Intending to dominate the crypto market, it plans to hit the fifteen million users mark by the end of this year and as many as one hundred million in the next five years.
The company recently stated that it recorded a significant increase in the use of its Visa debits, especially for purchasing daily use essentials. Visa has been a long-term partner of Crypto.com, with plans to expand its fiat lending program by the end of 2021.