BANKEX Partners With Malta to Bring STO to Enterprises and Customers Alike
BANKEX, global fintech company, is officially registered in Malta as of October 29th. 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 1st, 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 1st, 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.
The VFAA license will authorize BANKEX to offer the following services to customers as well as to businesses:
- Operation of VFA Exchange
- Custodian or nominee services
- Market making
- Holding or controlling clients’ money
- Asset management
- Dealing on natively-operated account
- Portfolio management
BANKEX will soon complete additional license procedures to list security tokens in full accordance with Malta’s legislation.
BANKEX plans to offer complete freedom to businesses as well as individuals when it comes to their money and investments. BANKEX is thankful to the reception it received in Malta as well as the regulations put in place that enable the blockchain ecosystem to flourish.
