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Crypto.com Becomes Malta's First Licensed Digital Currency Exchange to Offer Bank Transfers

#5
Crypto.com App right now has IBANs associated with their EUR fiat wallets, those IBANs are provided by Transactive Systems UAB (a Lithuanian EMI)

The news is that now they have received an EMI license, which means that they will stop using a third party for their EUR wallets but it isn't clear yet if they will allow transfers from their EUR wallets from/to other people (like a regular EMI allows).

It will be nice also to start supporting EUR in trading pairs in the Crypto.com Exchange, right now only crypto-crypto pairs are supported and you must buy on the Crypto.com App (or another exchange) with fiat before transferring to the Crypto.com Exchange.
 
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#6
Tr0nad0r said:
Crypto.com App right now has IBANs associated with their EUR fiat wallets, those IBANs are provided by Transactive Systems UAB (a Lithuanian EMI)

The news is that now they have received an EMI license, which means that they will stop using a third party for their EUR wallets but it isn't clear yet if they will allow transfers from their EUR wallets from/to other people (like a regular EMI allows).

It will be nice also to start supporting EUR in trading pairs in the Crypto.com Exchange, right now only crypto-crypto pairs are supported and you must buy on the Crypto.com App (or another exchange) with fiat before transferring to the Crypto.com Exchange.
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Thank you, this is very informative.

I think the problem with banks (real banks I mean not EMIs) in Malta is that they are heavily reliant on correspondent banks, especially for dollar txs. I believe this is the main reason they don't want to touch crypto. Idk if crypto.com news changes anything here. I was hoping it would, but I guess I have to keep dreaming :)

Edit: I would have thought that Malta will take things slow both because of new eu crypto guidelines/framework coming out soon; and because of the fatf grey-listing. The finance minister and prime-minister where saying opposite things a few weeks ago; the former saying that they country might stop regulating crypto altogether; the later that they won't abandon legitimate businesses. Maybe the issuance of this license means that crypto is here to stay in Malta.
 
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#7
I think Crypto.com might become similar to Nexpay which has a Crypto Exchange (Globitex) + EMI and allows smooth transfers between both.

Crypto.com doing it would be big news since they're way bigger than any of the existing exchanges providing personal IBANs and they provide Visa cards, interest (earning) accounts, and loans so they can become of the most complete and regulated financial institutions in the crypto world.
 
#9
azb1 said:
Crypto.com Becomes Malta's First Licensed Digital Currency Exchange to Offer Bank Transfers
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I think it is very daft and shortsighted of of Malta to dabble with crypto exchanges. A small island really does not want to attract crypto business especially when your now a grey listed country and want to get off the list. A few bad transactions and the US and EU will bury Malta as Malta means nothing to EU and global economy and is an easy sacrificial lamb to prove a point.
 
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#11
Martin Everson said:
I think it is very daft and shortsighted of of Malta to dabble with crypto exchanges. A small island really does not want to attract crypto business especially when your now a grey listed country and want to get off the list. A few bad transactions and the US and EU will bury Malta as Malta means nothing to EU and global economy and is an easy sacrificial lamb to prove a point.
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Malta would better pull off an El Salvador stunt where Bitcoin is legal tender as of today. ¡Que chivo! ;)
https://diarioelsalvador.com/el-salvador-llega-primero-a-la-era-del-bitcoin/131121/
If not, they will be compliance wrestled to a slow death and their passport selling will soon go the way of the dodo bird as well.
 
#12
#13
Martin Everson said:
If Bitcoin was legal tender in Malta then it and its entire banking system would go from grey to blacklist.

Anybody remember Pilatus Bank in Malta? Even bloody compliance officer there has been charged with money laundering...lol. Bitcoin legal tender would be grave for Malta.

https://www.independent.com.mt/arti...arraign-top-Pilatus-bank-officials-6736236408
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Those days are ancient history. Malta for the past few years it's impossible to open a bank account as a foreigner at almost any bank, even as a resident, even if you are an employee at a Maltese company. If you do manage to open an account after 6 months of paperwork, expect a lot of questions about any money coming into the account.

Malta tried to become "Blockchain Island" and a crypto haven but it was a failure because it's impossible to do any real business on that island.
 
#14
shitcoinbro said:
Those days are ancient history. Malta for the past few years it's impossible to open a bank account as a foreigner at almost any bank, even as a resident, even if you are an employee at a Maltese company.
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That has changed. You can open a basic payment account with HSBC Malta etc now as a Malta resident or EU resident where before you could not. The banks were briefed by Malta government last year I believe to follow EU guidance on the rights to a basic payment account for EU residents. If you still have issues opening a personal account in Malta report to regulators asap.


---- start quote

Right to a basic bank account​

You may want or need to open a bank account in your home country or in another EU country.

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

When banks can refuse you a basic payment account​

You can be refused an account if you do not comply with EU rules on money laundering and terrorist financing
Open as an external link
.

In some EU countries, you may be refused a basic bank account if you already have a similar account with another bank in the same country.

If you're applying for a basic payment account outside the country where you live, banks in some EU countries may also want you to prove a genuine interest for doing so – for example if you live in one country but work in another.

Features of a basic account​

A "basic payment account" is an account that covers standard transactions that you use in daily life, such as:

  • making deposits
  • withdrawing cash
  • receiving and carrying out payments (for example direct debits and card purchases)
It should also include a payment card that you can use to withdraw cash and make purchases - both online and in shops.

Where available, the bank should include access to online banking services with your account. However, they do not always have to include an overdraft or credit facility.

In some EU countries, your bank might still charge you an annual fee for this basic payment account. This fee should remain reasonable.

----- end quote
 
#15
Martin Everson said:
That has changed. You can open a basic payment account with HSBC Malta etc now as a Malta resident or EU resident where before you could not. The banks were briefed by Malta government last year I believe to follow EU guidance on the rights to a basic payment account for EU residents. If you still have issues opening a personal account in Malta report to regulators asap.


---- start quote

Right to a basic bank account​

You may want or need to open a bank account in your home country or in another EU country.

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

When banks can refuse you a basic payment account​

You can be refused an account if you do not comply with EU rules on money laundering and terrorist financing
Open as an external link
.

In some EU countries, you may be refused a basic bank account if you already have a similar account with another bank in the same country.

If you're applying for a basic payment account outside the country where you live, banks in some EU countries may also want you to prove a genuine interest for doing so – for example if you live in one country but work in another.

Features of a basic account​

A "basic payment account" is an account that covers standard transactions that you use in daily life, such as:

  • making deposits
  • withdrawing cash
  • receiving and carrying out payments (for example direct debits and card purchases)
It should also include a payment card that you can use to withdraw cash and make purchases - both online and in shops.

Where available, the bank should include access to online banking services with your account. However, they do not always have to include an overdraft or credit facility.

In some EU countries, your bank might still charge you an annual fee for this basic payment account. This fee should remain reasonable.

----- end quote
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ING bank in the Canary Islands say you can only have account if your are resident.
 
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