Fastex Receives In-Principle Approval for a VFA Category 4 License from Malta’s MFSA

October 21, 2024, Dubai, UAE

Fastex, a leading Web3 ecosystem in blockchain and crypto industries, announces that it has received in-principle approval from the Malta Financial Services Authority (MFSA) for a Virtual Financial Assets (VFA) Category 4 License. This approval represents a key regulatory step for Fastex as it continues its strategic growth in Europe.

Malta was chosen by Fastex as its preferred jurisdiction due to its strong regulatory framework for blockchain and crypto businesses.

“We are proud to receive in-principle approval from the MFSA for our VFA Category 4 License, marking a pivotal step in Fastex’s regulatory journey. This approval reinforces our dedication to meeting the highest regulatory standards as we prepare for a seamless transition to MiCA by the end of 2024”, mentioned Vardan Khachatryan, the Chief Legal Officer and Member of the Board of Directors at Fastex.

It is important to mention that Fastex has already received initial approval from Virtual Assets Regulatory Authority of Dubai (VARA), as well as has been granted a Virtual Currency Exchange Operator and Depository Virtual Currency Wallet Operator registration in Lithuania. Fastex aims to become a fully licensed and regulated platform across Europe, and once the transition to MiCA is complete, it will be able to passport its license across European Economic Area (EEA) member states, further enhancing its ability to provide secure and compliant Web3 solutions to its global user base.

About Fastex

Fastex is the all-encompassing ecosystem that redefines the Web3 experience. Fastex stands at the forefront of blockchain and AI technology, seamlessly blending vast opportunities within a unified and user-friendly environment, such as Fastex Exchange, Fastex Wallet, Fastex Card, and the e-commerce platform - ftNFT platform, with phygital spaces and YoHealth health-promoting mobile application. Fastex distinguishes itself by prioritizing regulatory compliance, ensuring a secure and reliable experience for all users in the evolving landscape of Web3.