MoonPay Secures In-Principle Approval for Class 2 VFA Licence
As global interest in cryptocurrency reaches new heights, MoonPay, the global payments infrastructure solution, has received in-principle approval for a Class 2 Virtual Financial Assets (VFA) Licence from the Malta Financial Services Authority. The approval serves as a testament to MoonPay’s ongoing dedication to provide secure and compliant payments infrastructure for crypto as it seeks to democratise cryptocurrency.
Malta continues to be at the forefront of technology regulation and fintech, having been the first EU jurisdiction to enact a specific cryptocurrency regulatory framework to protect crypto users. MoonPay has worked closely with regulators to secure this approval, having demonstrated its effectiveness in upholding effective investor protection, integrity, and stability operating in the financial markets. Once issued, MoonPay will be authorised to provide the VFA service of execution of orders on behalf of other persons, servicing both Experienced and Non-Experienced investors.
Commenting on the announcement, CEO and Co-Founder of MoonPay, Ivan Soto-Wright said: “MoonPay was founded on the understanding that, to be fully effective in our mission of democratising cryptocurrency, we need to set industry standards in global regulatory compliance. We engage with regulators across all jurisdictions to ensure a fully regulated and compliant service across all markets and currencies. We are proud to be one of the first platforms to receive in-principle approval for the VFA licence, as a demonstration of our commitment in this area. Furthermore, we will continue to secure additional licences throughout the course of the year to broaden accessibility to crypto globally.”