“As the digital asset space explodes globally, the need for clear and meaningful regulation is more important than ever,” said CEO and Founder at Xcoins Rob Frye, reacting to the news that the company has received an In-Principle approval for their Class 3 VFA License issued by Malta Financial Services Authority (MFSA).
“Our commitment to building a fully regulated business is now one step closer to realisation. Being one of the first cryptocurrency platforms to receive In-Principle approval by the MFSA for a Class 3 VFA license is a historic milestone for Xcoins. We look forward to serving customers globally and securing additional licenses throughout 2021.”
Xcoins, which is based in Santa Venera, is among only a handful of cryptocurrency exchanges to have been granted this regulatory milestone, in recognition of internal policies and processes which are in line with the highest standards in the industry.
“Xcoins had fabulous growth since their first time contacting DWP VFA Agent Ltd. After a lot of hard work, they are now a step closer to being licensed by the Malta Financial Services Authority. I am incredibly proud to have been part of their application process and also very excited to see what the future holds,” continued Dr Rebecca Misfud, VFA Agent at DWP.
Family businesses account for more than 70% of Malta’s SMEs, and are hence vital components of the local economy.
Astrid and Juanito Camilleri said the strong reviews are resulting in steady export growth.
The bank also appointed a new Head of Internal Audit.
He has also been appointed Board Member at JA Europe.