21 crypto exchanges flock to Malta for a license

21 crypto exchanges flock to Malta for a license

As of November 1st the Maltese financial regulator has received 34 applications for a crypto services license under the recently adopted Virtual Financial Assets (VFA) Act, 21 of which from crypto currency exchanges.

According to an official announcement by the Malta Financial Services Authority (MFSA) until October 31, all crypto providers on the Mediterranean island have been operating under some transitory provisions, specified in Article 62 of the VFA Act.

Now, in order to maintain their legal status all such companies have to apply for a MFSA crypto service provider’s license.

The crypto providers will fall under four categories and respectively will have to meet different requirements.

Also according to the announcement MFSA has received 30 applications for registration of VFA Agents, of which 18 were approved.

Malta adopted a new block chain legislation back in July 2018, comprising of three different Acts – the Virtual Financial Assets Act, the Malta Digital Innovation Authority Act and the Innovative Technological Arrangement and Services Act.

The island is home of several leading crypto exchanges including Binance, OKEx, and ZBX.

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