Crypto.com has now become the first international cryptocurrency platform to receive an Electronic Money Institution license in Malta.
Crypto.com Receives EMI License From The MFSA
The crypto exchange announced Thursday in a blog post that it has now been given an EMI license by the Malta Financial Services Authority (MFSA).
The hong-kong based exchange has been working closely with the Malta regulator for a while now. Only two months ago, crypto.com became the first global crypto platform to have received the Class 3 Virtual Financial Assets (VFA) license from the MFSA.
And now the firm has become the first to receive an EMI license as well. With this license, the exchange can now issue cards and offer direct bank transfers to customers in Malta.
December last year, the crypto platform was also able to secure an Australian Financial Service License (AFSL).
Kris Marszalek, the CEO and co-founder of crypto.com, 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.
In addition, Marszalek also talked about the exchange platform’s ambition to obtain licenses in every country they currently operate in.
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.
The news arrives only a day after crypto.com announced their $175 sponsorship kit agreement with UFC. The platform has been expanding its roster of sports deals in order to effectively reach the younger audiences.
As of right now, BTC’s price has crashed down almost 7% in the last 24 hours to around $32.5k. While over the past week, the crypto’s value has decreased by about 3%.
Related Reading | Why Ethereum Is More Bullish Than Bitcoin, But A Flippening Is Unlikely
Here is a chart showing how the Bitcoin price has changed over the past 6 months:
BTC's price gains a downward trend again | Source: BTCUSD on TradingView
Over the past few weeks, the price of Bitcoin hasn’t moved much. The range bound market meant low volatility, and as a consequence BTC activity dropped to the lowest for the year.
However, with this new downward trend, the crypto may have started moving again, and a more volatile market could be ahead.
The nature of the Bitcoin market is unclear at the moment. If the downward trend continues, the bear’s claw might take hold.
Featured image from Unsplash.com, charts from TradingView.com