Crypto.com is now the first global crypto platform to obtain an EMI license from Malta

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Crypto.com has now become the first international cryptocurrency platform to be licensed as an electronic money institution in Malta.

Crypto.com receives EMI license from MFSA

The crypto exchange announced in a blog post Thursday that it has now obtained an EMI license from the Malta Financial Services Authority (MFSA).

The Hong Kong-based exchange has been working closely with the Maltese regulator for some time now. Just two months ago, crypto.com became the first global crypto platform to receive the Class 3 Virtual Financial Assets (VFA) license from the MFSA.

And now the company has also become the first to receive an EMI license. With this license, the exchange can now issue cards and offer direct bank transfers to customers in Malta.

Related reading | After ousting Bitcoin miners, China launches new test for digital yuan

In December of last year, the crypto platform was also able to obtain an Australian Financial Service License (AFSL).

Kris Marszalek, CEO and co-founder of crypto.com, said:

We made a commitment from day one to building a fully regulated business. Working with regulators is the best way to fulfill our mission to accelerate 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 spoke about the ambition of the exchange platform to obtain licenses in all the countries in which it currently operates.

We pride ourselves on leading the industry in regulatory compliance, ensuring consumer safety and protection in the EU, and look forward to obtaining licenses in all countries where we operate.

The news only comes a day after crypto.com announced its $ 175 referral kit deal with the UFC. The platform has expanded its list of sports offerings in order to effectively reach young audiences.

Bitcoin price

Right now, the price of BTC has fallen almost 7% in the past 24 hours to around $ 32.5,000. While over the past week, the value of the crypto has fallen by around 3%.

Related reading | Why Ethereum is more bullish than Bitcoin, but a reversal is unlikely

Here is a graph showing how the price of Bitcoin has changed over the past 6 months:

BTC price resumes a downtrend | Source: BTCUSD on TradingView

Over the past few weeks, the price of Bitcoin has not moved much. The market linked to the fork meant low volatility and as a result, BTC activity fell to the lowest of the year.

However, with this new downtrend, the crypto may have started to move again and a more volatile market could be ahead.

The nature of the Bitcoin market is unclear at this time. If the downward trend continues, bear claw could take hold.

Featured image from Unsplash.com, charts from TradingView.com

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