Cryptocurrency Regulation

Gate Group has received a Class 4 VFA Service Provider licence from the MFSA

BCA Solutions 27 Jul 2022

We are pleased to announce that Gate Technology Ltd., the Malta-based entity of the Gate Group, has received a Class 4 VFA Service Provider licence from the Malta Financial Services Authority (MFSA). Guided by the expert team at BCAS, Gate.io secured the Maltese licence to effectively offer regulated services in and from within Malta, and it’s now allowed to operate a VFA Exchange and offer custodian services.

Gate Group has proceeded with its internationalization strategy for the last few years establishing a new office in Malta with the aim of expanding in Europe and around the world. The executives of the company have seen Malta’s continued development as a reputable fintech jurisdiction and see the island as pivotal in their plans to continue expanding their reach. They also recognise the benefit that Malta offers to VFA service providers that may wish to operate within Malta or otherwise to expand from Malta and therefore to serve as an optimal gateway to the wider European internal market.

Malta is an early pioneer in regulatory frameworks that enable increased reliability and safety in the industry. Entering Malta marks the start of a push to meet regulations throughout the EU. We look forward to upholding our commitments to user welfare and responsible services, made possible in part by the country’s healthy regulatory environment” said Dr. Lin Han, the Founder and CEO of Gate Group.

On the 7th of March 2022, the Company was granted a VFA Service Provider (VASP) Class 4 licence to operate a crypto-to-crypto exchange platform, enabling clients to trade on the Gate website, which includes an order book that matches buyers and sellers through the Gate trading engine, and provide custody services to enable its clients to hold their VFAs (Virtual Financial Assets) in their respective wallets on the Gate platform.

About Gate.io
Founded in 2013, Gate.io has strived to provide its users with the best trading experience in the last 8 years of continuous operation. In terms of trading volume, Gate.io is one of the top 10 crypto exchanges in the world listing crypto assets that are great in quality and have a high rate of return.

About BCAS
Founded in 2017, BCAS is a legal and regulatory consulting firm assisting its clients in the cryptocurrency industry with technical and regulatory advice. BCAS’ service offering spans different jurisdictions such as Liechtenstein, Switzerland, Malta and Singapore, and various service lines such as licensing, token legal opinions, and decentralisation audits.

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