BANKEX Partners With Malta to Bring STO to Enterprises and Customers Alike

BANKEX, global fintech company, is officially registered in Malta as of October 29^th. BANKEX has given notice to the Malta Financial Services Authority (MFSA) about the implementation of products referred to as Custody, Token Exchange, and Escrow. This registration offers BANKEX the opportunity to apply for different licenses according to the Virtual Financial Assets Act (VFAA), which came into effect on November 1^st, 2018. 

BANKEX was searching for a jurisdiction with developed and clear crypto legislation where it could implement its projects in DLT such as Custody, Escrow, and Token Exchange. Aiming to offer its STO to enterprises legally, BANKEX looked for licenses capable of certifying its activity and protecting its clients. Malta has recently become the first jurisdiction in the world to adopt blockchain regulations while, in other countries, the status of crypto is still unstable, thus making the future of crypto businesses vague. Malta now has one of the most developed legislation systems in regards to the crypto sphere.

What does this registration mean for BANKEX? 
Having operated in Malta prior to the enactment of Malta's Virtual Financial Assets Act (VFAA), BANKEX will benefit from a one-year transitory period, commencing on November 1^st, 2018. During this time, BANKEX will make full use of the license being submitted by its VFA Service Provider to the MFSA. This license is granted only to companies with strong Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures in place.