Multiwallet Seeks Maltese Government’s Approval for European Crypto Custodial Service

Multiwallet Seeks Maltese Government’s Approval For Europe-Focused Custodial Service

During the Malta Blockchain Summit, which took place on November 2, it was disclosed that blockchain firm, Multiwallet has taken the necessary measures to get hold of a Maltese custodian license. The reason for doing is because of Multiwallet’s interest in launching a Europe-focused crypto custodial service, as per Coin Telegraph – who was provided with said details.

While the reason for choosing Malta has not been disclosed, it is obvious that it is a preferred location for many due to the Island’s lax dealing of cryptocurrencies and blockchain technology. As per the claims made, the firm’s custodial service will be regulated by Malta Financial Services Authority and the Malta Digital Innovation Authority.

For the time being, both parties will have to wait, as the Maltese government is supposedly in the process of finalizing the law surrounding cryptocurrencies and related businesses (which has been reported to take another year).

For those unaware, Multiwallet was created by Freewallet with the intentions of helping investors have one location in which all of the trading aspects can be deal with (i.e. sending, storing and managing of one’s portfolio). It currently supports 25 different cryptocurrencies with the app available for Android and iOS. Depending on the urgency of transfers, investors can choose between four types of Bitcoin fees, which is an advantageous feature.

How do you feel about the growing number of firms who are seeking Malta as their choice of location for crypto services? Let us know in the comments below.