Malta is not really the world’s largest country, however, it has established itself as a worldwide superpower in cryptocurrency rules, hoping to be recognized as the “blockchain island” around the world. It is also a favorite alternative for virtual currencies looking to be controlled in 2021, despite the fact that it has been criticized in the earlier times for some regulation ambiguity, which already appears to have already been cleared.
The Malta Financial Services Authority, or MFSA, is the financial regulator in charge of Malta cryptocurrency exchange license, and they have stated that they “actively monitor” all license holders, which is unusual in the market. The scope of this “active surveillance,” however, is claimed to vary. A VFA Class 4 license is the most appropriate license for bitcoin exchanges.
Prerequisites for cryptocurrency exchanges seeking to obtain a Malta license
If a cryptocurrency exchange wants to be regulated in Malta, it must meet the following criteria:
- Be based in Malta or have a presence there. (This refers to a physical presence on the island.)
- Certain capital adequacy and liquidity requirements exist, with amounts varying depending on the scope of operations and other factors.
- Appointment of a VFA Agent to act as a point of contact for compliance issues between the regulator and the company.
- Evidence of trustworthiness.
- Proof of the technical resources and knowledge required.
- A Fit and Proper test must be completed by everyone working in the firm.
- At least three employees are required.
- Security procedures are described, as well as how anti-money laundering measures are implemented and other related protocols.
- Following Maltese law Regulations on Anti-Money Laundering and Counter-Terrorism Financing
- Reports from external auditors are submitted to the authorities on a yearly basis.
- Application costs (usually €24,000 for most cryptocurrency exchanges) must be paid at the time of application.
- The annual supervisory fee must be paid.
What does the procedure look like?
Make contact with the professionals and delegate the procedure to them. There are a number of specialists who are considered top cryptocurrency consulting services providers and have a large network of partners and relationships with regulators B2BX, including in Malta.
If you wish to apply for a license for your bitcoin exchange business in Malta, we always recommend consulting with the specialists first. By comparing Malta as a jurisdiction for cryptocurrency exchanges to other similar alternatives, you can ensure that Malta is the greatest option for your unique cryptocurrency exchange, depending on all of your circumstances, future plans, and ambitions.
We hope this piece of information has been useful to you. Get to know more about Malta crypto license by browsing the internet. However, if you are someone who wants to obtain a Singapore crypto exchange license, have a discussion with the experts again. They will keep in mind your requirements and accordingly allow you to stay updated.
With that, we hope you are now all prepared to get started. Keep all the imperative documents in mind and make your next move. That’s all you ought to do.