gets VFA license in Malta gets VFA license in Malta

By Daniela Kirova - min read

The Malta-based entity of Group, Gate Technology Ltd., was issued a Virtual Financial Assets (VFA) Service Provider license in the Mediterranean country, Coin Journal learned from a press release. It can now operate a VFA exchange and provide custodian services from or in Malta. 

Augmenting local business operations Group has also started expanding its Malta-based team to augment localized business operations. CEO and founder of the group, Dr. Lin Han, commented: 

Malta is an early pioneer in statutory frameworks that allow increased safety and reliability. Entering the country marks the start of an effort to comply with regulations throughout the EU. We are serious about our commitments to responsible services and user welfare, made possible in part by the country’s healthy regulatory environment.

A pioneer in regulation

Malta was among the first jurisdictions to introduce crypto-related regulations. The small island nation has drawn crypto companies from all over the world, who aim to comply with its comprehensive crypto legal framework.

Bolstering user trust and forming partnerships 

The issuance of this license, intended explicitly for VFA services, comes alongside an effort by Group to form new partnerships, bolster user trust, and make its comprehensive trading services more accessible.

Being compliant and obtaining licenses are both critical to affirm Group as a well-regulated, reliable global digital asset service provider.

Ensuring local compliance

The group has set up a local office to ensure compliance and make resources available to fulfill the requirements of the local crypto ecosystem. 

The newly acquired license shows Group has been serious about compliance through its nine-year history of safe and reliable service and has met requirements in jurisdictions with clear and well-rounded regulations. 

Dr. Han added:

Malta is a cricial first step in our expansion in Europe and as part of our broader worldwide strategy. This is only the beginning as we continue to accelerate expansion.