Malta Financial Services Authority grant licence to crypto payments provider Moneybite
| By Marese O'Hagan
The Malta Financial Services Authority (MFSA) has granted a Virtual Financial Assets (VFA) licence to crypto payments company Moneybite, which now becomes one of the first MFSA-licensed companies to provide merchant services worldwide.
However, Moneybite will mainly provide services to operators licensed by the Malta Gaming Authority.
The VFA license will allow Moneybite to receive and process order, custodian and nominee services. It will also authorise Moneybite to execute orders on behalf of account holders.
“It is a huge moment for us to be awarded our MFSA licence and become one of the first operational MFSA-approved companies to service merchants globally, including MGA licensed gambling operators.” said Moneybite managing director Elton Dimech.
“We see this as a regulatory sunrise for the industry. Transacting with crypto should not generate concern but be as easy for businesses as dealing with traditional fiat currency. We are here to act as that trusted bridge between the two.”
Moneybite’s current services include invoicing and payments to international suppliers. Corporate customers can also buy and sell cryptocurrency with Moneybite’s over-the-counter service.