Malta’s VFA regulatory framework is serving as an example for other countries to follow – Crypto.com general manager

Last Updated on Sunday, 4 December, 2022 at 6:21 pm by Andre Camilleri

Mariana Gospodinova, General Manager of Crypto.com, who heads the firm’s operations in Malta, said that Malta’s Virtual Financial Assets regulatory framework, introduced in 2018, has helped companies like crypto.com operate and put forward its crypto services in a highly regulated manner, which also protects consumers.

Ms Gospodinova highlighted that Malta’s framework is serving as an example for other countries to follow, saying Malta got everything right over the fact that the European Commission’s regulatory framework to be introduced within a year or so is identical to Malta’s. Ms Gospodinova was speaking during an official visit conducted by Minister for the Economy, European Funds, and Lands Silvio Schembri to the company’s St Julian’s base. Crypto.com is one of the world’s fastest-growing platforms, based in Singapore. As of November 2022, the company is reported to have 70 million customers and over 4,000 employees. In addition, the brand is an official sponsor of the FIFA World Cup Qatar 2022.

“In 2018, the Maltese Government emerged with a regulatory framework, and crypto.com as well as other European companies were very excited to see that the European jurisdiction was actually putting forward innovative legislation that will help companies operate in a highly regulated environment”, she said. As a result, Crypto.com moved to Malta in 2019 and in 2021 applied for a Maltese VFA license, which helped protect their investors and allowed them to put forward services in a regulated environment, making them stand out in terms of putting forward their crypto offerings. “When one closely reviews the Commission’s Regulation of Markets in Crypto-assets (MiCA) proposal, it emerges that the majority of the conditions we have to comply with right now in terms of Malta’s license are going to be widely included in MiCA”, Ms Gospodinova remarked. “We are looking forward to expanding the license with MiCA”.

Minister for the Economy, European Funds, and Lands Silvio Schembri said that Malta’s VFA framework, introduced at an early stage, has helped companies like Crypto.com operate from our islands and has set the stage for other countries to follow suit. He added that, in light of the collapse of a major international crypto exchange in the Bahamas, this proves that, through its introduction of a regulatory framework, Malta was on the right track when it put in place safeguards for both consumers and businesses operating in the sector.

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