Crypto.com has announced it has received a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority (MFSA), becoming “the first global cryptocurrency platform” to do so.

In Wednesday’s announcement, the company described its achievement of the license as a “watershed moment for the cryptocurrency industry as regulatory bodies come together to conduct business under the auspices of a regulated framework”.

The company’s customers, it says, can now enjoy greater consumer protection when entrusting their assets to it, in the knowledge that, as an EU licensed Class 3 VFA Service provider, it is subject to rigorous requirements of security, governance and compliance.

Till now, Crypto.com says it has been operating under the transitory provisions of the Virtual Financial Assets Act in Malta, and has worked closely with the MFSA to achieve the milestone.

“Malta is one of the few jurisdictions in the EU that have developed a clear digital assets regulatory framework to protect investors”, the company explained.

“Fulfilling the conditions and the on-going obligations of the applicable local and international laws and regulations is a proof of Crypto.com’s commitment to provide a secure and compliant crypto trading environment”, it added.

Kris Marszalek, Co-founder and CEO of Crypto.com commented: “We are proud to lead the [cryptocurrency] industry in regulatory compliance, ensuring customer safety and protection in the EU and look forward to securing licenses in every country we operate in”.

In November 2020, the company received an in-principle approval from the MFSA for a Financial Institution License, which is still in process. A Financial Institution License is expected to allow Crypto.com to offer payment services and issue electronic money.

In December 2020 it also secured an Australian Financial Service License (AFSL).

The AFSL was secured via the acquisition of The Card Group Pty Ltd, which was approved by Australia’s Foreign Investment Review Board.

In March 2021, after receiving Principle Membership with Visa, Crypto.com was granted the ability to issue Crypto.com Visa Cards directly to consumers in Australia, which the company expects to commence soon.