MoonPay achieves in-principle approval for Class 2 VFA Licence

By Megha Bhattacharya

Global payments infrastructure solution MoonPay has received in-principle approval for a Class 2 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority. The approval aims to strengthen the company’s aim of offering secure and compliant payments infrastructure for cryptocurrency.

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 demonstration of our commitment in this area. We will continue to secure additional licences throughout the course of the year to broaden accessibility to crypto globally.”

According to MoonPay, it will be authorised to provide the VFA service of execution of orders on behalf of other persons, servicing both Experienced and Non-Experienced investors.

FinTech MoonPay builds payments infrastructure for cryptocurrencies. Its products aim to provide a seamless experience for converting between fiat currencies and cryptocurrencies using all major payment methods including debit and credit card, local bank transfers, Apple Pay, Google Pay, and Samsung Pay. MoonPay is active in more than 160 countries and is used by 250+ leading wallets, websites, and applications to accept payments and defeat fraud.

Recently, Telos, a high-capacity network and an active blockchain platform announced a new integration with MoonPay to make the TLOS token available for purchase using fiat currencies in 162 countries and 46 U.S. states.