CoinDeal says it is now the first company to have obtained a Class 4 Virtual Financial Assets (VFA) Licence in Principle Approval from the Malta Financial Services Authority (MFSA).
The exchange reports that it has just received a letter on 16 December 2020.
CoinDeal explains that this allows it to provide the following VFA services to both Experienced and Non-Experienced investors: Operation of a VFA Exchange, Dealing on own account, and Holding and controlling of clients’ assets and money.
The in-principle approval means that the exchange received a regulatory green light that is valid for 3 months from the date of its receipt. During this time, the applicant must meet additional requirements for both pre-licensing and post-licensing conditions. Once the application for a license has been approved, the exchange will be able to obtain it officially.
CoinDeal says it is currently talking with various private investors, funds, and other market players about the potential investment to start global marketing and to grow the exchange’s current 400,000 customer base.
Since May 2019, CoinDeal is registered with FinCEN in the US under MSB Registration Number 31000146609933