Crypto.com, the global digital asset trading platform, has announced that it has become the first cryptocurrency exchange to obtain an Electronic Money Institution (EMI) license from the Malta Financial Services Authority (MFSA). The license allows the firm to issue payment cards and offer bank transfer services to consumers in the region, significantly bridging the gap between fiat and crypto.
A Compliance Milestone for Crypto.com
According to the official announcement, Crypto.com has been working closely with the MFSA over the past months. Two months prior, the exchange had already received a Class 3 Virtual Financial Assets (VFA) license from the same regulator. The newly approved EMI license is hailed by the company as a “watershed moment for the cryptocurrency industry.” Crypto.com emphasized its commitment to providing a compliant trading environment in collaboration with regulators.
Kris Marszalek, co-founder and CEO of Crypto.com, stated: “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.”
Malta's Journey as 'Blockchain Island'
Malta has long been known as “Blockchain Island,” attracting numerous crypto firms. However, a report from April 2020 estimated that roughly 70% of crypto companies had not sought licensure from the MFSA. At that time, no digital asset company had received a license, and only 26 firms had applied. More recently, the Financial Action Task Force (FATF) held a confidential meeting and criticized the island nation, claiming that more than $70 billion moved through the country over previous years when regulations were lax. Industry executives, however, disputed the FATF’s estimate.
Crypto.com's recent license achievement signifies a maturation of Malta’s regulatory framework. In addition to the MFSA licenses, Crypto.com secured an Australian Financial Service License (AFSL) in December of last year and obtained Principal Membership with Visa in March 2021. Following the AFSL, the company also announced plans to offer Crypto.com Visa Cards in the near future.
The EMI license not only paves the way for Crypto.com’s compliant operations in Europe but also sets a benchmark for other exchanges seeking to integrate banking-level services.