Y-Combinator-backed Mudrex Registers with MoF's Financial Intelligence Unit The Web3 start-up also now holds the status of Virtual Asset Service Provider (VASP) accredited by the Bank of Lithuania in the EU. Earlier this month, it also received OAM (Organismo Agenti e Mediatori) certification in Italy.
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Mudrex, the 2018-launched cryptocurrency investment platform, announced it has successfully registered with the Financial Intelligence Unit (under Ministry Of Finance) in India. Founded by Edul Patel, Alankar Saxena, Rohit Goyal, and Prince Arora, the Web3 start-up also now holds the status of Virtual Asset Service Provider (VASP) accredited by the Bank of Lithuania in the EU. Earlier this month, it also received OAM (Organismo Agenti e Mediatori) certification in Italy.
The start-up, amid the funding winter and low-laying of users, is prioritizing the security of user data and transactions. For the same, it implements measures including multi-factor authentication, SSL encryption, and other robust security protocols. The Mudrex funds are insured through Lloyd's of London, a British insurance and reinsurance market company.
"Mudrex is now India's most regulatory-compliant company. We believe that by taking these proactive steps, we are ensuring our platform's integrity, increasing trust with our users and also contributing to the broader adoption and acceptance of cryptocurrencies in the global financial system," shared Edul Patel, CEO and co-founder, Mudrex.
According to the press release, Mudrex places paramount importance on aligning its operations with the most stringent legal and financial compliance standards. Presently, the start-up has about one million users onboard and is expected to touch five million by 2025. Patel recently shared that Mudrex aims to become the largest crypto asset manager in the next five years.
