Prepared for MiCA through Malta
Kyrrex was impressed by the fact that the MFSA licence made it eligible to transition to MiCA, when this comes into force. Group CEO Kevin Plumpton explains more about the company.
- For those who don't know your company, can you provide some background?
Kyrrex (Real Exchange Ltd) is a regulated crypto-fiat ecosystem that provides a one-stop shop for bridging finance, payment and trading operations with fiat and cryptocurrency on a single platform.
The company was founded in 2018 by Viktor Kochetov and Mike Romanenko. In 2020, Kyrrex welcomed a new director and chairman of the Risk and Compliance Committee – Kevin Plumpton – who in 2022 assumed the role of Group CEO. Since then, Kyrrex has been expanding its product offerings and market reach through various product enhancements.
New projects are being launched in the US, UK and the Asian market. Kyrrex holds its head office in Malta and is authorised by the Malta Financial Services Authority (MFSA) as a Class 4 Virtual Financial Assets Services provider to offer the full range of licensed services to both experienced and non-experienced investors.
- Can you share a little-known fact about your company?
Kyrrex has at least one employee from each continent. Our team includes individuals from different cultural backgrounds, bringing various experiences to the table. This diversity is not only symbolic: it's a strategic advantage that fuels innovation and problem-solving methods.
Maybe another interesting fact about our corporate culture, that outsiders wouldn't really know about, is our employee retention rate has constantly exceeded 90% ever since its inception over the last five years.
- What are you currently working on and what are your company's plans and strategic priorities for the coming years?
The company is currently focusing on its transition to MiCa regulations in 2024, while also pursuing various other European licences within the financial field of trading, digital banking and investing. We are also expanding our services to the United States through the appointment of a full-fledged setup that is focused on penetrating the US market within the next few months. Kyrrex is also investing in other side projects that enhance our ecosystem and generate cross-market and cross-product opportunities to enrich the customer experience.
- Are there any projects/achievements of your company that you are exceptionally proud of?
The Class 4 licence from the MFSA emphasizes our compliance with regulatory requirements, marking Kyrrex as a platform that prioritises legal and financial integrity. The MFSA is known for its strict evaluation process and was one of only three regulators that were found to be MiCA equivalent in their framework. The MFSA licence opens the doors to operate across Europe and makes us eligible to immediately transition to MiCA.
- What in your opinion makes Malta an effective jurisdiction to set up a business?
Malta has a legal framework that is both comprehensive and business-friendly. The transparency and efficiency of the crypto regulatory system on the island contribute to a smooth experience. This financial flexibility serves as a significant motivator for companies looking to maximise profits. Government initiatives aimed at supporting innovation enhance the overall ecosystem.
- What kind of people/companies in the financial services community would you want to connect with?
Kyrrex reaches out to individuals and companies within the crypto financial services community who share a dedication to regulatory compliance. We aim to establish a network of entities united in their commitment to upholding industry standards and building a trustworthy environment for all participants. Whether you're an experienced player in the crypto financial services sector or just a new trader.
Picture: Kevin Plumpton, Group CEO, Kyrrex
- Bio:
Kevin is currently Group CEO at Kyrrex, an international digital finance firm, providing fiat and crypto products and services within an integrated Web 3 ecosystem. Kevin is also a warranted lawyer and boasts a decade of experience collaborating with local and international organisations, offering business management solutions, legal counsel, and regulatory expertise. He's a seasoned entrepreneur who founded successful startups, the latest of which was Diligex.
As a practicing advocate, Kevin specialised in finance, business, corporate governance, risk, and compliance legislation. He's a pioneer in Anti-Money Laundering and Counter Financing Terrorism compliance and is better known for his brainchild Due-Diligence platform, KYCMATIC. Kevin's interests also extend to finance and digital market technologies.
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