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Credit Giant MasterCard Grants Wirex First Principal Membership License

Wirex has become the first native cryptocurrency platform to be granted a principal membership license from credit card giant Mastercard as part of its accelerated expansion into digital assets and its outreach to other crypto card providers seeking to enter the market.

According to a release shared with Blockchain.News, Mastercard today announced the expansion of its cryptocurrency ‘Accelerate’ program, which extends an invitation to cryptocurrency and crypto card partners from emerging brands and fintechs.

The move comes as Wirex becomes the first native cryptocurrency platform to be granted a Mastercard principal membership, allowing it to directly issue payment cards.

Mastercard’s Crypto Mission

Mastercard has committed to applying its innovation, experience and scale to emerging cryptocurrency and digital currency partners, building global ecosystems to modernize payments and transform the way people and businesses transact.

According to recent research from Statista, consumer interest and investment in digital currencies are growing, with data showing that up to 20 percent of the population of some countries are holding cryptocurrencies, and an increasing number of merchants, digital players, and financial institutions are exploring crypto payments.

“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences from consumers and businesses in today’s digital economy,” said Raj Dhamodharan, Executive Vice President, Digital Assets and Blockchain Partnerships, Mastercard. “Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay.”

What Does Principal Membership Mean for Wirex

Being granted Mastercard principal membership enables Wirex to issue payment cards directly to consumers, which will make it easier for mainstream consumers to buy, hold and exchange multiple traditional and cryptocurrencies. Consumers can instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world.

Although currency may only enter Mastercard’s network as traditional fiat currency, users will be able to benefit from Wirex’s Cryptoback rewards program, which automatically gives customers up to 1.5% in Bitcoin for every purchase made on the card.

Pavel Matveev, CEO and co-founder of Wirex said, “We are very excited for Wirex to be the first crypto-native company granted principal membership from Mastercard.” Matveev stated that the license granted to Wirex represents a growing interest and recognition in the acceptance of cryptocurrency by leading bodies and regulators and believes that it will help create a world where all currencies, “traditional and crypto, are equal.”

Regulated by the UK’s Financial Conduct Authority with a license to issue cards in Europe, Wirex has been growing rapidly over the past 18 months, with a successful expansion into the Asia Pacific region and the release of its native Wirex Token (WXT).

Crypto.Com Secures EMI License to Offer Bank Transfers to Maltase Customers

Cryptocurrency payment firm Crypto.com has obtained Malta’s Electronic Money Institution (EMI) license from the Malta Financial Services Authority (MFSA), thus allowing it to issue payment cards and provide direct bank transfers to customers in the European island country.

It is important to note that Crypto.com is the first cryptocurrency company to get such a license. The firm received the permit because it worked closely with the regulator to enable the process.

Based on the development, Hong Kong-based Crypto.com stated that it plans to become fully compliant with regulations that govern the crypto industry in every nation where it operates.

Kris Marszalek, crypto.com CEO and co-founder, talked about the firm’s achievement regarding getting the license.

“We have been committed from day one to building a fully regulated business. Working with regulators is the best way to fulfil our mission of accelerating the world’s transition to cryptocurrency. Being the first global cryptocurrency platform to receive an EMI License from the MFSA is a major milestone for the industry as a whole.”

The EMI is just an additional license that allows Crypto.com to dig deeper into its operations in Malta. In May, the firm became the first global crypto company to get a Virtual Financial Assets (VFA) license from the MFSA, thus allowing the company to provide crypto trading services to customers in the nation.

Crypto.com once had hopes of getting Malta’s EMI license. In February last year, the MFSA highlighted why the exchange was not authorised to operate in the country.

In 2018, Malta was considered one of the most crypto-friendly nations and its crypto regulations regarded as the most innovative globally. However, with time, the country enforced stricter regulations in its financial industry. As a result, all financial and banking firms, including crypto firms, are expected to obtain several licenses to provide their services.

About 70% of the firms, which completed the first stage of securing the MFSA license failed to continue the application process after the regulator enhanced its regulations due to money-laundering concerns raised by the European Union.

Last month, the Financial Action Task Force (FATF) put Malta among nations taking adequate measures to prevent financial crime.

Global Regulatory Scrutiny

The necessity to acquire appropriate licenses has become the key to operate cryptocurrency businesses safely. Many regulators across the globe have beefed up their scrutiny of cryptocurrency exchanges, which do business without appropriate licenses.

Recently, crypto exchange Binance has been facing new regulatory crackdowns from several nations, including Japan, the UK, Canada, and others.

Last month, the UK’s regulator banned Binance from conducting regulated activities in the nation.

In May, the UK withdrew Binance’s application to register with the Financial Conduct Authority because it did not meet anti-money laundering requirements. The regulator, therefore, ordered the exchange to add a notice on its app and website to show U.K users that it is not allowed to conduct any regulated activities in the nation.

Meanwhile, regulators in Thailand, Japan, and Canada also issued similar warnings to the exchange.

Canada’s Ontario Securities Commission recently accused Binance of failing to comply with regulations in the country. Japan’s Financial Service Agency also recently announced that the exchange was carrying out its business in the nation without permission.

A few days ago, Thailand’s Securities and Exchange Commission filed criminal charges against Binance, accusing the exchange of doing business in the nation without legal approval.

U.S.-Based Crypto Exchange Gemini Gets Electronic Money License in Ireland

Gemini, a US popular cryptocurrency exchange established by the Winklevoss brothers, announced Monday that it has obtained an electronic money license from the Irish Central Bank.

Therefore, the license is set to allow Gemini to issue electronic money in Ireland, just as it already does in the UK. The exchange will complement its new license with an Irish crypto-asset registration to replicate its UK and international services.

Gemini disclosed that it applied for an Irish license in early 2020, partly because of the impact of the Brexit vote in 2016. Last year, the firm established an office in Dublin and appointed Gillian Lynch, former chief strategy officer at Leveris, to lead its Irish operations.

Social media giant Meta and Payments provider Stripe are among companies that already have such an Irish license.

Gillian Lynch, Head of Ireland & Europe at Gemini, talked about the development and said: “Gemini securing this Electronic Money Institution authorization from the Central Bank of Ireland is a testament to the rigorous standards of our customer protection and compliance programs. Ireland is an international hub for financial services and emerging technologies, and consumers here have a strong interest in innovative fintech products. We look forward to bringing our secure and simple services to individuals and institutions in the Irish market and across Europe more broadly.”

Bid to Capture Global Growth

Gemini was founded by Tyler and Cameron Winklevoss in 2014 in New York. The cryptocurrency exchange later launched its trading services in the UK in 2020.

In July last year, Gemini announced plans to expand its operations in the Asia Pacific to capitalize on the region’s growth. As a result, the firm planned to establish satellite offices throughout the region, including Australia and Hong Kong. The exchange is looking to build upon its success in Singapore after it established its presence in the hub of southeast Asia in 2020.

In December last year, Gemini partnered with Colombia’s largest private bank, Bancolombia, to enable users in Colombia to trade cryptocurrency. Gemini selected a group of Bancolombia’s users to trade Bitcoin, Ether, Litecoin and Bitcoin Cash through a cryptocurrency on-and-off-ramp. The partnership served as a significant step toward the strategic expansion of Gemini’s presence in Latin America.

Crypto Firm Change Receives License from Dutch Authority for the Financial Markets

Change, an uprising cryptocurrency exchange based in the Netherlands, announced on Tuesday that it has obtained approval from the Netherlands Authority for the Financial Markets (AFM), the financial services regulator, to acquire a local investment company for providing further trading services.

The crypto firm said that the license would enable it to provide financial services to over 453 million people living in the European Economic Area (EEA).

Change further stated that the acquisition is set to boost its investment footprint with traditional opportunities – including everything from shares, stocks, exchange-traded funds (ETFs), commodities to its established cryptocurrency and DeFi products.

The move has offered added peace of mind for the company’s investors and put the firm one step ahead of Europe’s potential landmark crypto regulation.

Kristjan Kangro, founder and CEO of Change, talked about the development and stated: “This is a huge step for us. Recently, we’ve invested significant sums in upgrading our platform and boosting our range of crypto services to compete on a global stage – but we want to do much more.”

The executive further elaborated: “This additional license means we can remove more complexities our community faces on their wealth creation journey. Combining our crypto expertise with our investment firm license’s new possibilities means we can ramp up our investment footprint and accelerate growth.

Overcoming Barriers to Investing

Founded in 2016 and based in Amsterdam, the capital of the Netherlands, Change is a fintech firm on a mission to enable everyone to take part in the world’s success. The financial services company allows users to invest as little as €10 into stocks, cryptocurrencies, and other assets, which are all secured by blockchain technology and accessible via the smartphone in users’ pockets.

Early this year, Change carried out research that identified the three primary reasons why millennials are not investing in stocks, including high fees, high entry barriers, and the complexity of the tools.

Dubai Regulator Grants Virtual Asset License to Former Singapore Legislator's Company

Former Singapore nominated Member of Parliament Calvin Cheng announced on Monday the establishment of his non-fungible token (NFT) and fan token investment holding company, Calvin Cheng Web3 Holdings FZE, in Dubai.

The development came after the Dubai Virtual Asset Regulatory Authority (VARA) awarded a provisional Virtual Asset License to the NFT and fan token investment holding firm owned by former Singapore parliamentarian Calvin Cheng.

VARA is the government agency responsible for regulating and overseeing the issuance, offering and relevant disclosure processes of virtual assets and NFTs in Dubai.

The Calvin Cheng Web3 firm will invest in projects to integrate crypto into fashion, media and entertainment” through its portfolio, including AmberX and CelebX.

AmberX is “an exclusive membership NFT” that allows qualifying members access to a Formula 1-related “VIP lifestyle and entertainment pop-up lounge” called Amber Lounge. On the other hand, CelebX is an NFT and fan token system designed to allow celebrities to engage with their social media followers directly and grant fans access to “exclusive benefits” with their idols.

The Calvin Cheng Web3 company stated that it decided to obtain the license to “gain access to a regulated ecosystem”. The firm further mentioned that the permit “provides greater customer assurance and increases consumer risk protection”, the firm further mentioned.

VARA described the Calvin Cheng Web3 Holdings FZE as the NFT firm that will be the “first international business to actively seek regulation, despite being able to operate lawfully in many other qualifying global jurisdictions”.

Cheng talked about the development and said that his firm is proud to be the first NFT virtual asset service provider to enter the ecosystem.

“A new and forward-thinking regulator like VARA is well-positioned to firmly establish Dubai as the leading global centre for digital assets,” Cheng stated. And he further said: “Digital assets is a new space that needs “progressive regulators” to keep up with entrepreneurs’ focus on innovation and growth.”

Apart from his venture in Dubai’s virtual assets ecosystem, Cheng is also chairman of ReTech Technology, a Chinese EdTech firm listed on the Australian Stock Exchange.

Dubai Becoming A Crypto Hub

Recently, crypto firms have been moving to launch their headquarters in Dubai.

In March, Binance, the world’s largest cryptocurrency exchange, and FTX Europe received provisional approval from Dubai’s new crypto regulator to set up a regional headquarters in the city. Global exchanges Crypto.com and Bybit and Crypto.com also said that they were establishing their business operations there during that month.

The license approvals came after Dubai issued its first law governing digital assets in March and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector.

The United Arab Emirates (UAE) has been pushing Dubai to become a regional hub for crypto businesses following its establishment of the virtual asset sector and regulations.

Cross-Asset Exchange Platform DIFX Acquires Additional License from EU Regulator

Digital Financial Exchange (DIFX), an emerging cross-asset exchange platform, has further stamped its name in the record books in the EU for securing an international license to operate as a digital asset exchange.

DIFX announced on Monday that it secured an additional license from the European Union (EU). The license would enable it to expand its digital asset exchange and custody services globally.

What this means is that the license gives DIFX access to operate across 28 EU Member States, providing all European users with its digital assets trading platform.

Jeetu Kataria, CEO, and Co-Founder of DIFX, talked about the development and said: “This is a major milestone that allows DIFX to grow globally and give accessibility to various communities all over the world. It also complements our goal, which focuses on boosting the global adoption of blockchain and cryptocurrencies. It’s worth mentioning that we’ve applied for an additional 6 global licenses which are under process.”

The executive said that as part of its broader plan to expand its operations into new jurisdictions, DIFX plans to secure at least 10 new licenses by the end of this year. “Considering the pace of its growth, the exchange believes it can increase its user base to more than 5 million by the end of 2023,” Jeetu added.

Launched in 2020, DIFX was created as a blockchain-based crypto exchange to bring significant and lasting change to financial markets. The platform provides an all-in-one solution for digital currency; designed for trading, investing, and staking. The platform brings cryptocurrency and traditional assets together in one consistent setting – enabling users to manage and trade over 700 assets, including international stocks, commodities, currencies, and over 100 crypto perpetual futures with leverage.

In late 2020, DIFX tapped Fireblocks, a crypto infrastructure company, to help the platform provide its customers with fully insured wallets to effectively secure their funds against bugs, hacks, and even internal fraud. In other words, DIFX’s offerings come with a unique insurance policy that protects assets in both transfer and storage.

Since rolling out Fireblocks, DIFX has witnessed a significant growth rate. The company grew from 5 million USD assets under management to 550 million USD assets in custody within 6 months of operation. DIFX also saves around 100,000 USD annually in operational expenses using Fireblock’s policy engine and authorization workflows and 40,000 USD annually in ERC-20 gas fees. According to DIFX, many customers prefer transacting on the platform because it is secured by Fireblocks MPC Wallet.

BitGo Receives Regulatory Approval from Italy

More digital assets custody providers have won approval from the Italian financial regulator, the Organismo Agenti e Mediatori (OAM), to serve customers in Italy. BitGo is another one.

According to documents from the Italian regulator, as seen on Tuesday, July 19, BitGo has been registered as a cryptocurrency service provider by the regulator, therefore cleared to offer digital wallet services to Italian customers in compliance with Italian laws.

As per the documents, the company’s German branch, BitGo Deutschland GmbH, was registered to provide crypto products in Italy on July 15.

This means that BitGo has met requirements from the Organismo Agenti e Mediatori (OAM), which oversees the activities of financial and brokerage firms in Italy and implements anti-money laundering controls.

BitGo is also licensed to offer services in South Dakota, New York, Switzerland, and Germany. The company disclosed that its applications to serve in a couple of other jurisdictions are still pending.

Others Expanding into Italian Market

BitGo’s entrance into the European nation follows a trend of other global cryptocurrency firms gaining approvals to operate in Italy.

On Tuesday, Crypto.com gained regulatory approval in Italy as part of its efforts to continue its expansion to new regions. The approval allowed the firm to provide a suite of products and services to Italian clients, open offices, and expand its national team.

Likewise, Coinbase was granted approval by the Italian regulator to operate as a crypto assets service provider in the country on Monday. The regulatory approval enabled Coinbase to continue providing crypto services in Italy and to bring new products to the market.

Also, the Organismo Agenti e Mediatori registered crypto exchanges such as Binance, Kraken, Bitpanda, and brokerage Trade Republic to operate in the country.

In light of the market’s rapid growth, the financial regulator recently introduced new requirements that mandate all crypto firms to meet the criteria before continuing to offer services in Italy.

Huobi to Expand Footprints in Australia, Seeking Regulatory Approval for Crypto Trading

Huobi Global is trailing the same footprints as its counterparts as it filed its application to be registered as a digital currency exchange provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

This registration, if approved, will allow the trading platform to grant recognition in the country. As such, it can conduct a limited number of transactions, including forex and crypto-related transactions. While awaiting the full license approval that will make it offer a full crypto exchange service in the country, it will make do with the clearance it has for now.

The Forex transaction permit will enable the exchange to trade in the Australian dollar, foreign currencies, and cryptocurrencies.

The Australian crypto registration and licensing pursuits trail the exchange’s push into Dubai after winning the MVP provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA). At the same time, it awaits licensing from the country also. Huobi also has a legally-backed presence in South Korea, Japan, and Gibraltar, extending its regulatory pursuits into New Zealand.

“We have always made security and compliance our highest priorities, as we believe that only under this principle can we grow alongside the industry to provide professional and secure services to our users,” said Lilly Zhang, Huobi Global’s Chief Financial Officer, “We are pleased to see the growing number of licenses and registrations we have received globally, which demonstrates our commitment to compliant growth. We aim to sustain this momentum to drive our global expansion.”

The growing number of regulatory backing the exchange is enjoying comes off as a compliment compared to those countries that have booted it out in the past year. While it has no presence in China based on the country’s harsh stance toward crypto, Huobi Global was also sent packing from Thailand after failing to meet the Securities and Exchange Commission’s standards.

Crypto Exchange CoinZoom Receives License to Operate in Bermuda

Cryptocurrency exchange CoinZoom announced on Tuesday that its Bermuda-based subsidiary CoinZoom Global, Ltd. has received a license under the Digital Asset Business Act (DABA) from the Bermuda Monetary Authority (BMA).

The license grants the exchange to serve as a trading platform for non-U.S. customers outside of the U.S. seeking an avenue to trade digital assets in Bermuda.

The exchange has been given a Modified “M” license, which is designed to allow a financial company to test its proof of concept and ensure its compliance program is effective to scale long term. This license is normally held for twelve months before converting to a Full “F” license.

Todd Crosland, CoinZoom CEO, talked about the development: “We are delighted with this news and appreciate the Bermuda Monetary Authority working with us to grant the M license. We believe that running our business with an abundance of caution is paramount to protecting our customers. The implementation of a clear and well-developed set of rules for crypto firms to adhere to is vital to bringing crypto to the mainstream.”

The BMA provides transparent regulatory frameworks and requirements for crypto financial services in an effort to ensure consumers are protected and curb international criminal activity.

With the DAB M license, CoinZoom Global, Ltd is now able to operate in Bermuda as a digital asset exchange, offering custodial wallet services and margin trading for digital assets. Such offerings make it easier for consumers to integrate cryptocurrency into their everyday lives.

Why Crypto Firms Are Turning to Bermuda

As crypto firms face increasing scrutiny from policymakers in the US, they are turning to friendlier and less bureaucratic jurisdictions like Bermuda to grow their businesses.

Bermuda, the self-governing British territory, was one of the first places to create a regulatory framework for digital assets – a puzzle that large nations like the US have still not resolved.

The island has the ability to be more agile because it has a single regulator, compared to the many agencies that have input over crypto oversight in the US.

Since 2017, this island territory has actively worked toward expanding its crypto sector.

The Bermuda Monetary Authority (BMA) has granted 14 licenses for crypto firms to operate within the British island territory. The regulator approved four of these licenses in 2022.

USD coin (USDC) issuers Circle Internet Financial Ltd., crypto exchange Bittrex Global, crypto interest account provider BlockFi, and multi-asset-class trading firm 24 Exchange are some of the crypto firms that have made it to the BMA list.

Crypto Firm Bits of Gold Obtains Capital Markets License from Israeli Regulator

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Bits of Gold, an Israeli-based firm engaging in crypto trading and brokerage services, announced on Thursday that it has obtained a license from Israel’s financial market regulator, the Capital Markets, Insurance and Savings Authority.

With the license from the watchdog, Bits of Gold said it will be able to partner with local banks and financial institutions. The crypto firm said the license, along with the recent guidelines from Israel’s central bank, will help resolve many issues associated with relationships between local banks and crypto.

The move makes Bits of Gold the first local crypto provider to obtain the license. The company said it applied for the license back in 2018.

Bits of Gold is preparing to develop a platform that will enable local and European banks and fintech firms to offer cryptocurrency services to customers. The company wants to start offering crypto custody services through its new digital wallet starting next month.

Is This the Beginning of Crypto Trading in The Country?

In the past, local banks had taken an ad hoc approach to accepting deposits tied to crypto investments. But that changed in November last year when the country’s capital market regulator approved Israel’s new anti-money laundering (AML) and anti-terrorist financing rules for crypto asset service providers. The rule cleared the way for local banks to more easily accept customers from the crypto sector.

The new AML rules cover the identification and verification of crypto recipients, reporting requirements for crypto companies, and the layout of a risk-based approach to dealing with money laundering.

In March, Israel’s central bank published draft regulations that further opened up the country’s financial system to crypto firms by requiring banks to examine the crypto firms individually rather than imposing blanket refusals on them.

In late March, Bank Leumi became the first Israeli bank to start facilitating crypto trade. Early this month, Israel’s financial market regulator granted a first permanent license to a local private firm, Hybrid Bridge Holdings Ltd., to engage in cryptocurrency activities. As a result, Hybrid Bridge Holdings is now building a crypto custody and exchange platform.

In Israel, many firms seeking to engage in the crypto industry are still obtaining approval from the regulator.

In February, the Binance exchange came under the regulator’s scrutiny over licensing issues. The watchdog ordered Binance to suspend marketing to Israeli users and stop all activities focused on Israel until the issues are addressed.