Gate Technology Ltd Acquires Payment Institution License
Gate Technology Ltd, known for its cryptocurrency exchange services in Malta, has officially acquired a Payment Institution license under the EU’s Second Payment Services Directive (PSD2) from the Malta Financial Services Authority (MFSA). This regulatory achievement positions Gate amongst the few cryptocurrency firms in Europe to receive such endorsement, marking a significant milestone for the company.
CEO’s Vision for the Future
Giovanni Cunti, the CEO of Gate Technology Ltd, emphasized that this license enables the company to lay the groundwork for robust infrastructure connecting traditional finance with Web3. This move is expected to facilitate compliant payment solutions for both institutional and retail clients throughout Europe. Cunti also highlighted that the license provides essential regulatory clarity, which is critical for the company’s future offerings in the European market.
Building on Previous Successes
This recent licensing announcement builds on earlier successes for Gate, which included obtaining a Markets in Crypto-Assets (MiCA) license in Malta enabling them to provide comprehensive exchange and custody services. Gate Technology’s compliance strategy is broad-based, covering jurisdictions such as Cyprus, the Bahamas, Japan, Australia, and Dubai, underscoring the company’s commitment to operating within legal frameworks across multiple regions.
Expansion Plans and Market Position
With the newly acquired PSD2 license, Gate is now positioned to expand its payment services across the EU, taking advantage of passporting rights that will allow it to seamlessly integrate traditional financial services with Web3 technologies. Founded in 2013, Gate.com is known for its extensive user base, reportedly serving over 49 million users globally and ranking as one of the top three crypto exchanges by market share worldwide.
However, the announcement included a disclaimer stating that the information provided does not constitute an offer or recommendation and that services might be restricted for users in certain regions.
