Crypto payments company to cater to igaming with Malta licence

The Crypto payments company Moneybite has been granted a licence by the Malta Financial Services Authority (MFSA).

Malta.- The Malta Financial Services Authority (MFSA), has granted a Virtual Financial Assets (VFA) licence to cryptocurrency payment provider Moneybite, allowing it to branch into the igaming industry. 

Moneybite will be one of the first MFSA-approved companies to provide merchant services internationally. It will particularly focus on providing services to igaming operators licensed by the Malta Gaming Authority (MGA). 

The company offers invoicing and payments to international suppliers. Corporate customers can also buy and sell cryptocurrency through its over-the-counter service.

Under its VFA licence, Moneybite will be able to receive and process custodian and nominee services and execute orders on behalf of account holders.

Moneybite’s managing director Elton Dimech said: “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.

“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.”

See also: Malta Gaming Authority appoints Ryan Pace as chairman