A crypto exchange Bitstraq exchange, has been granted a Virtual Financial Asset (VFA) license by the Island of Malta financial authorities. The exchange is the first to receive the VFA which was established earlier this month.
Bitstraq Exchange is the First Receiver
Being the first exchange to receive the licensing, Bitstraq exchange, now has the authority to provide trading services to its customers. The user of the platform can now make trades using any of these top cryptos, Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The number of approved trading pairs on the platform are just five in number.
The report made it known that there is an ongoing plan to include more trading pairs as well as more tokens as time goes on. Being the first to get the license, the company plans to dominate the digital currency trading market.
The CEO of the company CEO, Angelo Jansen has also commented on the new VFA license. He stated that:
“At Bitstraq, we aim to provide our users with the most secure exchange. We believe in fair Crypto regulations, that is the reason we obtained the VFA Licenses.”
The CEO also stressed that security tokens were the next big thing in digital currency.
It was also reported that although the exchange is relatively invested in the development of security token offering (STO), it has plans to also enable the trading of other tokens such as Utility Tokens, Coins and Security Tokens.
The report also made it known that the Exchange is still in the process of getting a license to operate a security token platform. Once this is done, the exchange is looking forward to dominating the country’s security token offering (STO), space.
Virtual Financial Assets Act (VFA)
The Virtual Financial Assets Act (VFA) has been described as a move by the Maltese government to regulate the crypto space within its country adequately. This way the country becomes more hands-on in its approach to curb fraudulent activities in the crypto industry. The Virtual Financial Assets Act (VFA) along with the Innovative Technology Arrangement and Services Act (ITAS) became effective on November 1.